The U.S. dollar rose sharply and then steadied on Wednesday as President Donald Trump backed away from threats of firing Federal Reserve Chair Jerome Powell in a relief to investors, while optimism around trade deals lifted beaten-down sentiment.

Writer and CNN host Fareed Zakaria, the moderator of a panel on the future of money, asked whether the U.S. dollar’s status is threatened, especially since “currencies are based on trust.” He and others pointed to the chaotic weeks since Trump’s April 2 announcement of steep taxes on imports on much of the world,