The US dollar may lose its traditional safe-haven status as global markets adjust to a new geopolitical order, according to Deutsche Bank AG.

The U.S. dollar could be losing its reputation as a safe-haven currency, according to George Saravelos, who is Deutsche Bank’s global head of

Deutsche Bank’s announcement comes after the USD’s price plummeted substantially on Tuesday. The dollar fell about 0.7% even as the US continued to impose tariffs on its major trading partners. Many believed this move would strengthen the currency.

The U.S. dollar (DXY) is potentially losing its safe-haven status, according to George Saravelos, global head of Foreign Exchange Research at Deutsche Bank. “We do not write this lightly,” he said. “But the speed and scale of global shifts is so rapid that this needs to be acknowledged as a possibility.