Dollar Has Best Day Since January as War Spurs Rush to Haven
Fuel storage containers at the Phillips 66 Rodeo Renewable Energy Complex in Rodeo, California, US, on March 1.
Photographer: David Paul Morris/BloombergThe dollar rallied by the most in nearly five weeks after the US attack on Iran set off a rush into havens and pushed up Treasury yields as a surge in oil prices threatens to worsen inflation.
Bloomberg’s dollar index rose as much as 1% before paring the advance to end day up 0.7%, the best rally since Jan. 30. The US currency gained against all of its major peers, with the Swiss franc and the euro both down 1% or more amid concern about the impacts of higher energy costs. Japan, another major oil importer, saw the yen slide 0.9%.