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Donald Trump has yet to complete a full week in office but his impact on the dollar is significant. Ripping up TPP and reopening NAFTA were expected but still have an impact. Alongside the absence of any infrastructure plan and talk about a strong dollar from Mnuchin, the US dollar is under pressure. Will this continue? Not necessarily. The reopening of the Keystone XL project could be accompanied by other events. The new administration has a lot of power in its first days and an infrastructure bill could still be passed. Otherwise, there is a lot of room to the downside.