The mighty U.S. dollar just hit its lowest point in three years, sending global markets scrambling and raising serious questions about America’s financial stability.

Thanks to Trump’s roller-coaster trade policies and growing expectations for Fed rate cuts, investors are yanking money from the U.S. economy, fueling a 10% drop in the dollar this year against major currencies.

“There’s clearly solid dollar selling,” noted Kit Juckes, chief FX strategist at Societe Generale. When even the traditionally calm Swiss franc and the cautious Japanese yen surge by 10%, you know something serious is underway.

Scandinavia is cashing in big: Sweden’s crown is enjoying its strongest year against the dollar in half a century, up a whopping 15%, while Norway’s currency has soared 13%—its best run since 2008. The surge is so significant it’s defying conventional economic logic like falling oil prices or expected Swedish interest rate cuts.

Asian markets, too, are feeling the boost as investors withdraw trillions previously parked in U.S. assets. Taiwan’s dollar shot up 10% in two days in May alone, with South Korea, Singapore, Malaysia, and Thailand all reaping benefits. Yet, notably, China’s yuan is lagging—a cautious move Beijing might reconsider as Washington watches closely for any currency manipulation.

Source: Reuters