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Barchart
Barchart
Rich Asplund

DARK SECRETS: Dollar advances as iran war rages | Rare Historical Photos

ECB Iran United States Inflation Pierre Wunsch crude oil Oil BOJ Gold Isabel Schnabel

The dollar index (DXY00) rose to a 1-week high on Friday and finished up by +0.27%.  The dollar moved higher on Friday as the risk of a protracted Iran war boosts safe-haven demand for the dollar.  Also, Friday's +5% rally in crude oil prices is pushing inflation expectations higher, potentially forcing the Fed to keep monetary policy restrictive, a bullish factor for the dollar.  Friday's stock slump also boosted liquidity demand for the dollar. 

The dollar found support on Friday as Iran and Israel exchanged missile fire, and Iran targeted several Gulf states as the war entered its 27th day.  Saudi Arabia said it intercepted two ballistic missiles headed for Riyadh, and Kuwait said drones damaged the port of Shuwaikh, while another port called Mubarek Al Kabeer was also targeted.  Meanwhile, the Wall Street Journal reported the Pentagon is considering sending as many as 10,000 additional troops to the Middle East, on top of 5,000 already sent.

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