The U.S. Dollar (DXY) rallied to over a one-month high on Monday after the United States and China agreed to a deal to slash reciprocal tariffs for 90 days following weekend trade talks in Geneva aimed at de-escalating tensions.

One glance at BofA’s currency and rates sentiment survey would have indicated a sharp reversal was imminent in the event of any positive macro developments.

The dollar jumped and government bonds sold off as markets reacted to a de-escalation in the trade war between China and the US, which agreed to temporarily lower some tariffs for 90 days.