Neither trade tensions nor perceptions of the probability of Fed rate cuts was able to derail the mighty dollar, which rose against all currencies but two: the Swiss franc among the majors and the Russian ruble among the emerging market currencies. The US continues to be perceived as the best positioned to weather the storm that it is helping to bring about, and this may be helping underpin the greenback. At the same time, the dollar's gains seem by default as the several other countries' negatives seem more powerful than the constructive arguments for the