Live Updates > Live Update Details
2026-04-07 13:36:54
[Dollar Holds Near Recent Highs as Markets Await Trump's Iran Deadline] 1. The dollar hovered near recent highs on Tuesday, currently trading at 100.06, as traders counted down the days until Trump's deadline. Trump demanded that Iran open the Strait of Hormuz by 8 p.m. ET on Tuesday (8 a.m. Wednesday Beijing time) or face the risk of infrastructure attacks. Market hopes for a deal dampened dollar buying during the Easter holiday, but the approaching deadline has created market tension, resulting in limited dollar selling. 2. The dollar rose to 159.92 against the yen, nearing multi-decade highs and levels that triggered intervention in 2024; the euro was at $1.1536 and the pound at $1.3227, both near multi-month lows. The president of Spectra Markets said the market was long on the dollar in case of escalation, but strong performance in stocks, gold, and the offshore yuan limited the dollar's gains. 3. Trump warned on Monday that Iran could be "annihilated" overnight and vowed to destroy its power plants and bridges. Iran rejected a temporary ceasefire, demanding a permanent end to the conflict. On Tuesday, Iran and Israel exchanged attacks, with Israel claiming to have completed a round of airstrikes on Iranian government infrastructure. 4. The Australian and New Zealand dollars, while recovering from lows, remained weak, trading at US$0.6914 and US$0.5700 respectively. 5. Analysts at the Commonwealth Bank of Australia stated that the US dollar may weaken slightly in the short term due to market optimism that the US will "end" the war with Iran. However, the key lies in whether the Strait of Hormuz remains open—the US withdrawal from the conflict does not necessarily mean the strait will reopen.
