In the US, March Madness is synonymous with the annual knockout college basketball tournament, known for its unpredictable results and stunning turnarounds.
But the country has seemingly exported this concept to its foreign policy in the past month, with shifting tariff threats, territorial disputes and abortive peace talks with Russia putting foreign exchange on the front line of market reaction (cue the Make FX Great Again slogans…).
All this has come much to the delight of foreign exchange options dealers, where for the first time in a long while clients all have a different idea of where they think the US dollar will go. But US president Donald Trump’s continued flip-flopping over when and by how much to impose trade tariffs…
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