On January 19, analysts stated that the US dollar faced renewed downward pressure due to increased uncertainty surrounding US policy as President Trump considered imposing tariffs on European countries over Greenland. Credit Agricole analyst David Forrest said: "Trump's tariff threats have reignited 'sell America' sentiment. The market will also be watching the 'TACO trade' (Trump backing down), as Trump may use tariff threats as a negotiating tactic. This will provide some support for the dollar. In 2026, with escalating geopolitical risks during President Trump's term, the euro will be one of the biggest losers. Tariffs could exacerbate cyclical headwinds in the Eurozone economy and further weaken European pressure on Russia over Ukraine." (Jinshi)