Insights

Our latest market commentary explores how geopolitical tensions, energy disruption and shifting central bank expectations shaped currency markets in May. From renewed USD strength and Japanese intervention to rising pressure …

The ceasefire between the US and Iran unwound much of the US dollar’s safe-haven support, sending it back toward pre-conflict levels as risk sentiment recovered. This comes despite continued concerns …

In March, the USD appreciated vs all other G10 currencies in response to the Iran War. Speculation surrounding energy vulnerability and possible monetary policy response weighed most on net energy …

In February, the USD appreciated vs the G10 average in response to hawkish comments from the FOMC as well as heightened policy risks resulting from Trump’s threats of military action …

Trump started the year on the front foot, ramping up pressure on the fed. Further moves in the USD were driven by a range of geopolitical developments over the month, …