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The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, depreciates after registering modest gains in the previous session and is trading around 99.00 during the Asian hours on Thursday. However, the Greenback may regain its ground as safe-haven demand rises amid escalating Middle East war. The US-Israel war with Iran pushes oil prices higher, fueling inflation concerns and reducing bets on Federal Reserve (Fed) rate cuts. Moreover, Fed officials continue to consider the possibility of further rate hikes if inflation remains above target. The Iran war entered its seventh day, with Iran launching missiles and drones across the Gulf on Thursday, striking an oil refinery in Bahrain, while Israel continued airstrikes on Tehran, and the US suspended operations at its embassy in Kuwait. US President Donald Trump said that Iranian officials reached out to him in an attempt to reach an agreement to end the war, but he insisted it was too late and that the US is pushing to destroy Iran. Chicago Fed President Austan Goolsbee said on Friday that institutions are facing a crisis of trust. Goolsbee added that the federated structure of the central bank has worked well, adding that Fed independence is critically important to controlling inflation. Traders await US labor data, including US Nonfarm Payrolls (NFP), where consensus expectations are around 59K for February, following January’s above-trend reading of 130K. Retail Sales are expected to fall 0.3% month-over-month in January, after a flat reading in the previous month. US Dollar FAQs The US Dollar (USD) is the official currency of the United States of America, and the ‘de facto’ currency of a significant number of other countries where it is found in circulation alongside local notes. It is the most heavily traded currency in the world,…

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Filed under: News - @ March 6, 2026 5:21 am