If investors and traders have learnt one lesson during the presidencies of Donald J Trump, it’s that the world can change in only a few short months. 

Starting the year, many dealers were beginning to see signs of increased activity from some of the biggest foreign exchange hedgers. Largely driven by the impact of Liberation Day in 2025 on the US dollar’s traditional role as a risk-off asset, the likes of Australia’s superannuation funds and Swedish pension funds were finally making their first