Insights

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, …

The US dollar weakened due to soft economic data and less hawkish Fed projections. Elsewhere central bank meetings drove FX moves. We unpick all this and more in our commentary