On Friday (April 11th), the global financial market was hit by a storm, with the US dollar index plummeting 1.2% and falling below the 100 mark, hitting a new low of 97.71 since July 2023. In this capital migration triggered by the US asset trust crisis, safe haven assets such as the Swiss franc and Japanese yen collectively surged, with the former reaching a new high in nearly a decade, and gold breaking through the historical ceiling of $3200 per ounce, reaching a high of $3219.94 per ounce. The market is voting with its feet, issuing the harshest warning against the Trump administration's repeated policies.

The three major battlefields were completely defeated

Bloody massacre in the foreign exchange market

The US dollar plummeted to a nearly ten-year low of 0.81405 against the Swiss franc, with a single day drop of 1.2%; This traditional safe haven currency surged nearly 5% in a single week, marking the largest fluctuation since the Swiss central bank lifted the exchange rate ceiling in 2015. The US dollar fell below the key support level of 143 against the Japanese yen, reaching a low of 142.88 yen, the lowest since September 30th; The euro took advantage of the situation and rose 1.7% to a two-year high of 1.13855.

The bond market is experiencing a major escape

The yield on 10-year US Treasury bonds soared to 4.488%, marking the largest weekly increase since 2001. Nomura Securities strategist Naka Matsuzawa pointed out, "This is not only a crisis of trust in the stock market, but also a collective trial of Trump's policies in the bond market." Spectra Markets President Brent Donnelly also warned that the market has entered a new era of "pure selling of dollars.

Policy Swinging Ignites Trust Crisis

The Trump administration's erratic trade policies have become the biggest cancer in the market. Although Finance Minister Besant attempted to disguise the tariff reduction as a "negotiation strategy," the actual tax rate of 145% on goods from major Asian countries exposed the essence of the policy. This constantly changing governance style has led to decision-making paralysis among global corporate executives.

Summary: Dangerous Balance in Crisis

Despite the current technical recovery in the market - with USD/CHF returning to around 0.8240 and gold falling below the 3200 level at one point - the deep crisis revealed by this storm is far from over. As the 10-year US Treasury yield continues to fluctuate at a high level of 4.414% and the credibility of the Trump administration's policies continues to erode, global capital is reconstructing a new value coordinate system. In this battle to defend the US dollar hegemony, the market has already cast a vote of no confidence with real money, leaving little time for Washington policy makers.