BlockBeats News, October 7 — The U.S. dollar strengthened markedly on Wednesday as oil prices rose and tensions in the Middle East escalated further, prompting investors to flock to safe-haven assets. After attacks on vessels in the Strait of Hormuz by Iran increased, the U.S. Dollar Index (DXY) briefly rose 0.5%, climbing in tandem with oil prices and now nearing its year-to-date high. Among G10 currencies, nearly all fell against the dollar, with the euro performing the worst among major currencies.
Katherine Brooks, head of research at XTB, said in a report: “The dollar is acting as a countercyclical asset, attracting safe-haven inflows as other asset classes come under selling pressure.” (Jinshi)
Katherine Brooks, head of research at XTB, said in a report: “The dollar is acting as a countercyclical asset, attracting safe-haven inflows as other asset classes come under selling pressure.” (Jinshi)