Dollar Surges Amid Conflict, Yet Treasuries Offer Little Security

Middle East Conflict Fuels Dollar Surge

The ongoing conflict in the Middle East has become the primary force shaping global markets today. Following a subdued close last week, the US dollar has rebounded sharply, gaining at least 0.5% against most major G10 currencies. Notably, the Canadian dollar—typically more resilient when the US dollar strengthens—has slipped by approximately 0.1% during late morning trading in Europe. Meanwhile, the Swiss franc, often seen as a safe haven, has dropped around 0.65%.

Oil prices have also reacted strongly, with April WTI crude climbing from a close near $67 to an early peak of almost $75.35, before settling around $72. Stock markets are generally trending downward as uncertainty persists. The combination of escalating conflict and significant developments in Iran has made the outlook increasingly unpredictable.