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US dollar depreciates in 1Q2025

US dollar weakness continued into the end of the quarter, marking three consecutive months of dollar depreciation to start the year with tariff uncertainty abound. Recession fears weighed heavily on USD in early March as the Atlanta Fed's GDPnow model significantly revised its Q1 GDP forecast down to -1.5% annualized from over 2% previously. Tariffs were imposed on Canada and Mexico, although quickly removed for all USMCA compliant goods.