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Rich Asplund

Dollar Supported by Ongoing US-Iran War

United States Iran BOJ ECB Gold LAGARDE crude oil Oil PBOC US Federal Reserve

The dollar index (DXY00) on Wednesday rose by +0.22%. The dollar recovered from early losses on Wednesday and moved higher after Iran said it rejected the latest US peace proposal. Also, Wednesday's US economic news, showing the Feb import price index ex-petroleum posting its biggest increase in 4 years, is hawkish for Fed policy and supportive of the dollar.

The dollar initially moved lower on Wednesday as stocks rallied after the Trump administration stepped up efforts to end the war with Iran and sent Iran a 15-point peace proposal to end the hostilities. Also, Wednesday's 2% fall in crude oil prices may curb price pressures and allow the Fed to keep cutting interest rates, a bearish factor for the dollar.

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