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 United States and China have agreed a deal to temporarily slash reciprocal tariffs as the world's two biggest economies seek to end a damaging trade war that has stoked fears of recession and set financial markets on edge.

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.