Trump · CNBC Technology
Dollar holds company before Trump's Iran deadline
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dollar traded close to its highest levels in almost 11 months on Tuesday as investors took pause ahead of a U.S.-imposed deadline for Iran to reopen the Strait of Hormuz to shipping or face attacks on its infrastructure.
Key facts
- The Australian and New Zealand dollars, which tumbled as Iranian strikes on Middle East energy infrastructure intensified late in March, were trading at $0.694 and $0.57 against the U.S. dollar
- The U.S. dollar index stood at 99.912, near the 100.64 mark reached last week, its highest since May 2025
- The euro was last up at $1.1569, while traders priced in three European Central Bank rate hikes by year-end and ECB officials reiterated the central bank might act to tame inflation
- The yen slipped to 159.845 to the dollar, not far from multi-decade lows and levels that drew intervention in 2024
Summary
Iran showed no sign of agreeing to U.S. President Donald Trump's demand that it open the strait before his 8 p.m. "No one knows whether the deadline is another bout of maximalist pressure from the White House, but until there is news of a ceasefire, or perhaps a prolonged postponement of the current deadline, the dollar is likely to stay bid," said Chris Turner, head of forex research at ING. Brent crude futures hovered around $110 a barrel as Iran's rejection of the U.S. ceasefire proposal kept tensions elevated. "The Iranian leadership has demonstrated, surprisingly to many it seems, that it can exercise full control over the strait," said Thu Lan Nguyen, head of forex and commodity research at Commerzbank.