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- US Dollar Index gains on safe-haven demand amid Middle East uncertainty and Strait of Hormuz blockade.
- Iran fired on three ships in the Strait of Hormuz, escorting two into Iranian waters on Wednesday.
- Reuters poll indicates that 56 of 103 economists expect the Fed to hold rates at 3.5%–3.75% through September.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is extending its gains for the third successive day and trading around 98.70 during the Asian hours on Thursday.
The Greenback receives support from heightened safe-haven demand amid ongoing Middle East uncertainty and the blockade of the Strait of Hormuz. According to the Wall Street Journal, Iran fired on three ships in the Strait of Hormuz and escorted two of them into Iranian waters on Wednesday. Iranian media reported that the paramilitary Revolutionary Guard was moving the vessels to Iran, marking a further escalation, although White House press secretary Karoline Leavitt said the seizures did not breach the terms of the ceasefire.
Iran continues to assert control over the Strait of Hormuz, restricting transit and targeting vessels. Iranian parliament speaker and chief negotiator Mohammad Bagher Ghalibaf stated that reopening the strait would be “impossible” while the United States (US) and Israel persist with what he described as “flagrant” ceasefire violations, including the US naval blockade. Meanwhile, President Donald Trump said the current truce would remain in place indefinitely as Washington awaits a renewed peace proposal from Tehran.
The US Dollar also gains ground as rising energy prices have intensified inflation concerns and reduced expectations for Federal Reserve (Fed) rate cuts. A recent Reuters survey of economists showed that 56 out of 103 respondents expect the Fed to keep its policy rate within the current 3.5%–3.75% range at least through September.
