Dollar set for biggest monthly gain in nearly a year as Gulf tensions rise and jobs report looms
AI Market Summary
Gulf tensions and renewed disruptions to Strait of Hormuz shipping are lifting oil and reinforcing safe-haven USD demand, keeping DXY on pace for its strongest monthly gain in nearly a year. A hawkish policy backdrop under the new Fed chair has also pushed back rate-cut expectations. With nonfarm payrolls and Fed messaging ahead, major G10 currencies remain pressured and cross-asset risk appetite looks fragile.
Impact level
● High
Affected assets
NCSIDXY2USD/USDT+0.11%
AI Insight · NCSIDXY2USD/USDTAI Insight
▼ Bearish
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Renewed U.S.-Iran tensions in the Gulf, including attacks that slowed energy shipping through the Strait of Hormuz, lifted oil prices and boosted demand for the dollar. The dollar index (DXY) has risen 2.5% in June, marking its biggest monthly advance in nearly a year. Markets are focusing on upcoming U.S. nonfarm payrolls data and comments from new Fed Chair Warsh at the ECB forum to gauge the interest-rate path. The euro, sterling, Australian and New Zealand dollars, and the yen have all come under pressure.
