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.

The pound slumped against a stronger dollar on Monday but firmed against the euro and yen as the United States and China temporarily cut reciprocal tariffs following negotiations over the weekend.

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.