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- US Dollar Index rises after US forces launched self-defense strikes in southern Iran on Monday.
- Trump noted that Iran deal talks are “proceeding nicely,” but warned failed negotiations could trigger renewed military attacks.
- The Greenback may appreciate further as traders bet the Fed will tighten monetary policy to contain inflation.
The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is gaining ground after registering modest losses in the previous day and trading around 99.10 during the Asian hours on Tuesday.
The Greenback advances on rising safe-haven demand amid ongoing uncertainty surrounding the US-Iran peace agreement. Tensions flared following a Fox News report that US forces conducted self-defense strikes in southern Iran on Monday. According to a US Central Command spokesperson, the strikes targeted missile launch sites and Iranian vessels attempting to deploy mines. While the US military emphasized its commitment to protecting its forces, it maintained that it was still exercising restraint during the ceasefire.
In contrast to the military friction, Bloomberg reported on Monday that US President Donald Trump stated negotiations toward a deal to end the conflict and reopen the Strait of Hormuz were “proceeding nicely.” Traders are closely monitoring these developments, as any signs of escalation in the Middle East could further boost safe-haven US Dollar.
Adding to its strength, the US Dollar may appreciate further as traders increasingly bet that the Federal Reserve (Fed) will need to tighten monetary policy to contain inflation. According to the CME FedWatch tool, market participants are now pricing in a nearly 41.0% probability that the Fed will implement a 25-basis-point interest rate increase by the end of the year. Market attention is now turning toward the upcoming PCE inflation data for clearer signals on the Fed’s future policy path.
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