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Between February 23 and March 31, the dollar’s fluctuation against major currencies was trendless.
The GBP lost 5.12 percentage points against the dollar, and the JPY fell by 4.21%. Meanwhile, the euro rose by 1.61%. The SWF's slight slump (-1.54%) reinforces the hypothesis that investors still perceived the market situation as favourable.
To make sense of why this happened, one has to understand that the dollar was structurally feckless in 2020.
In effect, as the situation worsened in Europe and elsewhere, demand for dollars increased exponentially.