Dollar Wipes Out Iran War Gain as Tehran Says Hormuz Is Open

The dollar wiped out all the gains it registered since the US-Iran war began after Tehran announced that the Strait of Hormuz is now “completely open” for commercial traffic, further denting demand for haven assets.

The Bloomberg Dollar Spot Index fell 0.5% to its lowest level since Feb. 27, adding to a string of losses as investors focus on the ceasefire and potential negotiations for a broader agreement. On Friday, Foreign Minister Abbas Araghchi said on X that commercial vessels could pass through the crucial shipping lane for the remaining period of ceasefire.