Lee Hardman, a currency analyst at Mitsubishi UFJ, said the increased likelihood of Trump winning the presidential election after last weekend's assassination attempt helped the dollar recover from last week's losses, according to Jinshi Data. The prospect of trade tariffs and lower taxes is boosting longer-term Treasury yields. However, the possibility of a rate cut in September limited the boost to the dollar after Fed Chairman Powell pointed to slowing inflation and a cooling labor market. Hardman believes that even if Trump is re-elected, it will not stop the Fed from cutting interest rates.