According to Barclays’ month-end FX rebalancing model, strong dollar buying is indicated against the rest of the major currencies bloc for April. This comes after Trump’s reciprocal tariffs announcement led to massive selling in US equities and bonds during the month.

“The clear outflows from all major US assets at a pace of c.3-4 standard deviations, dominated by US equities given their large market caps, mean our model has produced a strong dollar buying signal in April. The resulting price actions in the dollar may be dampened, however, should market players adjust their hedge ratios or portfolio allocation in dollar assets following the confidence shock.”

This will be something to keep in your back pocket just in case, in the days ahead.