Dollar, Euro, Yen — major moves and what's driving them.
The dollar index retreated below 99.00 on Friday as Middle East ceasefire hopes and risk-on sentiment dimmed demand for safe-haven assets. EUR/USD rallied while USD/JPY extended gains. Risk sentiment and geopolitical de-escalation remain the dominant drivers this week.
The US Dollar Index (DXY) is trading near 99.04, down -0.20% on the session, caught between competing forces as investors assess Middle East geopolitical developments and evolving Fed rate-cut expectations. The Euro slipped modestly against the dollar, with EUR/USD at 1.1642, as a US-Iran firefight near the Strait of Hormuz briefly revived safe-haven dollar demand before optimism around a potential deal capped losses. The dominant macro catalyst of the past 24 hours has been Middle East risk sentiment — specifically US-Iran tensions and hopes for a Hormuz Strait resolution — which has created volatile two-way flows across G10 and EM currencies.
The Dollar Index (DXY) holds near 99.24, barely changed on the day, as risk appetite returns to the fore on renewed US-Iran deal hopes that have loosened safe-haven demand for the greenback. EUR/USD is the biggest mover among majors, climbing to around 1.1645 in early European trade — a clear beneficiary of the risk-on shift and receding geopolitical premium in dollar pricing. The dominant macro catalyst of the session is the emerging US-Iran agreement to reopen the Strait of Hormuz, which is sapping dollar safe-haven flows and lifting risk-sensitive currencies.
The Dollar Index (DXY) edged higher to 99.36, rising +0.10% on the day, as traders shifted toward a more hawkish Fed stance following stronger-than-expected inflation data and easing safe-haven demand after a Middle East truce. EUR/USD was the session's most notable underperformer among majors, slipping -0.20% toward the 1.1595 handle as the greenback found renewed footing on fading rate-cut expectations. The dominant macro catalyst was the interplay of stubborn US inflation, rising Treasury yields, and geopolitical de-escalation — a cocktail that lifted the dollar broadly while pressuring the euro and commodity-linked currencies.
The U.S. Dollar Index (DXY) edged marginally higher on May 22, trading near 99.36 as fading rate-cut expectations following stronger-than-forecast inflation data lent modest support to the greenback. The Australian dollar was the session's biggest loser among G10 majors, sliding -0.38% to 0.7123, while the British pound held up comparatively well, off just -0.08% to 1.3421. The dominant macro catalyst remains the interplay between sticky U.S. inflation data and the Federal Reserve's wait-and-see stance, compounded by ebbing Iran-related safe-haven demand as Middle East truce hopes tempered risk-off flows.
The Dollar Index (DXY) edged marginally higher to 99.33, posting a modest +0.01% daily gain as fading rate-cut expectations following stronger-than-forecast inflation data supported the greenback. The Australian dollar was the session's biggest mover among majors, rising +0.29% to 0.7128 against the dollar, buoyed by risk-on flows and commodity strength. The primary macro catalyst driving the tape was a retreat in safe-haven demand following a Middle East ceasefire, combined with renewed focus on U.S. labor market data pointing to a firmer economy.
The U.S. Dollar Index (DXY) is holding near the 99.33 level, consolidating after a week of modest gains driven by stronger-than-expected U.S. ADP jobs data and remarks from President Trump on Iran negotiations. The Australian dollar was the session's biggest mover among majors, sliding as much as 0.53% intraday after a broader risk-off pivot, while the Indian rupee extended losses toward a record low near USD/INR 97. The twin catalysts of sticky U.S. inflation data and shifting Fed leadership expectations dominated the tape over the past 24 hours.
The US Dollar Index (DXY) gyrated in a narrow range near 99.03 on May 18, initially pulling back as markets assessed Fed leadership transition uncertainty and US-Iran nuclear negotiation headlines, before finding support from strong ADP private payrolls data and a US-China diplomatic thaw. The single biggest mover among majors was GBP/USD, which surged +0.74% on the day, reclaiming the 1.342 handle amid broad sterling strength. The dominant macro catalyst driving the tape was the interplay between fading Fed rate-cut hopes — fueled by sticky US inflation prints and blowout jobs data — and shifting geopolitical risk sentiment around Iran and the ongoing US-China trade détente.
The U.S. Dollar Index (DXY) slipped to the 99.03 area on Monday as geopolitical relief — with reports that the Trump administration called off a planned attack on Iran — unwound last week's safe-haven buying that had delivered the dollar's best weekly performance in over nine months. GBP/USD was the standout mover among G10 majors, gaining roughly +0.74% on the session as sterling found tentative footing, while the yen continued to weaken with USD/JPY testing 159 on renewed dollar bids. The dominant macro catalyst remains the interplay between Fed leadership transition uncertainty, easing U.S.-Iran tensions, and sticky inflation expectations that are curbing rate-cut pricing.
The U.S. Dollar Index (DXY) staged a modest recovery on May 15, rising 0.47% on the day to 99.284, snapping a multi-week decline as hawkish Federal Reserve rate expectations reasserted themselves. The single biggest mover among majors was NZD/USD, falling 1.22% as risk-off flows intensified amid lingering U.S.-Iran war tensions. Hawkish Fed rhetoric — combined with a bond-market sell-off and Middle East geopolitical risk — was the dominant macro catalyst driving the tape.
The US Dollar Index (DXY) rebounded to 99.22 on May 15, gaining +0.40% on the day and +1.35% on the week, snapping a stretch of greenback weakness as hawkish Federal Reserve expectations and safe-haven demand tied to the ongoing US-Iran war boosted the currency. The single biggest mover among majors was the New Zealand Dollar, which tumbled -1.45% against the dollar — the sharpest daily decline in the G10 complex. The primary macro catalyst driving markets was a combination of renewed hawkish Fed repricing and geopolitical risk premium related to the US-Iran conflict, which weighed on risk assets and supported Treasuries.
The U.S. Dollar Index (DXY) staged a broad recovery on May 15, climbing back above 99.2 as hawkish Federal Reserve rate expectations — reinforced by hotter-than-expected U.S. Producer Price Index data — lifted Treasury yields and boosted the greenback across the board. The biggest mover among majors was NZD/USD, which tumbled -1.45% on the day, as commodity-linked currencies bore the brunt of dollar strength. The principal macro catalyst was a string of U.S. inflation prints (PPI following the prior session's CPI) that pushed back expectations for Fed easing, driving EUR/USD to near one-month lows while USD/JPY held near multi-month highs.
The U.S. Dollar Index (DXY) is holding modest gains near 98.57, firming as geopolitical tensions tied to the ongoing U.S.–Iran war sustain safe-haven demand even as ceasefire hopes have capped the upside. The Australian dollar is the session's standout mover, tumbling roughly 0.56% on the day to trade near 0.7223 as risk appetite falters. The dominant macro catalyst is the interplay between sticky U.S. inflation data—keeping the Federal Reserve on hold—and Middle East war premium in oil prices, which is pressuring energy-import-heavy currencies like the Japanese yen while boosting the greenback.
The US Dollar Index (DXY) held near 98.27 on Wednesday, attempting a modest recovery after surrendering nearly all of its war-driven gains, with hotter-than-expected US April CPI data providing some overnight support. The Australian dollar stood out as the biggest weekly gainer among G10 majors, up +1.89% on the week and +8.34% year-to-date, while the Japanese yen remains in a policy tug-of-war as Treasury Secretary Scott Bessent flagged that excessive FX volatility is undesirable. The twin catalysts driving the tape are a hotter US CPI print — pushing Treasury yields higher and reinforcing "higher for longer" Fed expectations — and unresolved US-Iran diplomatic tensions that are reviving safe-haven flows and oil-price jitters.
The U.S. dollar index (DXY) firmed on Tuesday after hotter-than-expected April CPI data pushed Treasury yields higher and reinforced expectations that the Federal Reserve may hold rates elevated for longer, with DXY rallying toward the 98.30 region. The biggest mover among majors was AUD/USD, which surged +8.34% year-to-date and remains near multi-month highs on strong commodity flows and risk-on sentiment. The primary macro catalyst was the April U.S. CPI print, which came in hotter than forecast and briefly lifted the dollar across the board while pressuring rate-cut bets.
The U.S. Dollar Index (DXY) is holding firm near the 97.90–97.95 region, consolidating after months of broad weakness, as investors adopt a cautious stance ahead of Tuesday's key U.S. CPI release and monitor escalating Middle East tensions. The single biggest mover among majors is the Hungarian forint (USD/HUF), which surged -1.52% on the day and is down over 16% year-on-year, reflecting acute Central European risk-off dynamics. The primary macro catalyst driving the tape is a combination of geopolitical tension in the Middle East — with Trump rejecting Iran's response to a peace proposal — and anticipation of the U.S. CPI print, which will shape near-term Fed policy expectations.
The US Dollar Index (DXY) continues its downward trajectory, hovering near the 97.90 level as improved risk sentiment and easing safe-haven demand weigh on the greenback. The Hungarian forint was the single biggest mover among tracked pairs, surging with USD/HUF falling 1.52% in a day and over 6.9% on the week, reflecting broad EM currency strength against the dollar. The dominant macro catalyst remains the dollar's structural weakness heading into key upcoming US CPI data and scheduled Fed speeches, with markets also closely watching the aftermath of Japan's late-April yen intervention.
The U.S. Dollar Index (DXY) extended its softness, trading near 97.91 on May 8 — down 0.16% on the day and hovering at multi-year lows — as improving risk sentiment and easing safe-haven demand pressured the greenback. GBP/USD was the single biggest gainer among majors, surging +0.61% on the day to 1.3634, lifted by a broadly risk-on backdrop and traders weighing Gulf geopolitics alongside UK political dynamics. The dominant macro catalyst was the interplay of a solid-but-nuanced April U.S. jobs report that pared aggressive Fed rate-hike bets, combined with easing U.S.-Iran ceasefire tensions that further deflated safe-haven dollar demand.
The U.S. Dollar Index (DXY) extended its slide to the 97.88 area on Friday, pressured by improving risk sentiment tied to hopes of a fragile U.S.-Iran ceasefire de-escalation and traders paring rate-hike bets following April's jobs report. The single biggest mover among majors was USD/CHF, which tumbled roughly 0.50% on the day as the Swiss franc gained on safe-haven unwind and dollar weakness. The dominant macro catalyst was a combination of Middle East geopolitical risk easing, the April U.S. payrolls print, and a week dominated by central bank decisions from the Fed, BOJ (verbal intervention warnings), and an imminent Bank of England announcement.
The U.S. Dollar Index (DXY) continues to trade on the defensive near 97.88, weighed down by easing Middle East tensions as markets price in a potential U.S.-Iran deal. The Australian dollar is the biggest mover among majors with a +0.30% daily gain (AUD/USD at 0.7259), riding the wave of broad risk-on flows, while the single biggest macro catalyst driving the tape is the combination of suspected Bank of Japan intervention in FX markets and optimism over U.S.-Iran negotiations that has pushed safe-haven demand for the dollar lower.
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