Dollar Rally a ‘Bitter Triumph’ as White House Whims Overhang

During times of turmoil and spiking oil prices global investors often embrace the US currency as a steadying force, but the mercurial moods of the current administration and a shaky tech sector has weighed on the dollar’s advance, according to Barclays Plc.

Bloomberg’s gauge of the greenback is up nearly 2% since the launch of US and Israeli strikes against Iran more than three weeks ago. But those returns trail what would be expected given sharp shifts in real interest-rate differentials versus major currency peers, particularly the euro.