The U.S. Dollar is drifting lower within familiar ranges as U.S.–China trade tensions remain the dominant market driver. While the U.S. floats broad tariff hikes, China is responding with targeted measures—including shipping constraints and reduced soybean purchases—escalating cross-border friction. Domestically, the third week of the U.S. government shutdown is limiting economic visibility by delaying Bureau of Labor Statistics releases. On policy, Chair Jerome Powell signaled the Fed may halt quantitative tightening, reinforcing an easier stance after earlier rate cuts and helping loosen financial conditions. In this risk mix, gold continues to rally to fresh record highs as investors seek safety.