Lizzie Burden and Caroline Hepker

Well, the dollar sell-off has been fanned by Trump's unpredictable policymaking, which has rattled overseas allies and investors.

The latest slide helped push the Swiss franc to its highest level since 2015, with both the pound and the euro also hitting multi-year highs.

European Central Bank Vice President Luis de Guindos has previously suggested that the euro could become an alternative to the dollar if the EU increases integration.

It's a message that former European Commission President José Manuel Barroso is also keen to emphasise.

Jose Manuel Barroso speaking there to Bloomberg with Trump's embrace of the weaker dollar seen as a further deterrent to overseas holders of US assets.

Shares in LVMH, meanwhile, are down 7.5% as the group's key fashion unit struggled with weak holiday season demand.

The firm revealed yesterday that organic sales in its fashion and leather goods division fell 3% in the fourth quarter, more than analysts expected.

The news comes as luxury companies struggle to bounce back from a slowdown that followed the post-pandemic boom as cost of living pressures and geopolitical uncertainty weigh on spending.

LVMH CEO Bernard Arnault said the group faces a difficult environment in 2026 and will limit spending this year.