US Dollar Index (DXY) holds gains near 99.00 as geopolitical tensions grow
The US Dollar (USD) remains strong against its main peers on Friday, with the USD Index (DXY) steady at the upper range of the 98.00s, as investors are reluctant to take excessive risks. The DXY is on track for a 0.4% weekly gain as tensions between the US and Iran escalate.
US President Donald Trump extended the ceasefire this week, but that did not help to calm the waters, as Iran maintained the Strait of Hormuz closed for the eighth week, while the US military kept the blockade of Iran’s ports. Meanwhile, the peace talks remain in a deadlock with no date for a new round of conversations, which were expected to resume this week.
On Thursday, Trump said on social media that the clock is ticking for Iran to seal a peace agreement, while Israel threatened to complete the elimination of the Khamenei dynasty and bring Iran to the Stone Age as soon as the US gives the “green light.”
Tehran’s Deputy President, Esmaeil Saqab Esfahani, on the other hand, has warned of an “eye for an eye” to the US, threatening to attack oil facilities of Gulf countries, if the US targets Iranian energy sites.
In this backdrop, US Defense Secretary Pete Hegseth and the chair of the Joint Chiefs of Staff, Dan Caine, have announced a press conference at 08:00 AM ET (12:00 GMT), to inform about the Operation Epic Fury against Iran.
On the macroeconomic front, US data has been Dollar supportive this week. The preliminary S&P Global Purchasing Managers' Index (PMI) data for April confirmed a solid economic activity, despite Iran’s war. Jobless claims rose moderately but still at levels consistent with a steady labour market.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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