Wall Street Turns Gloomy on the Dollar as Haven Demand Fades

Deutsche Bank AG and Wells Fargo & Co. are among banks declaring the dollar’s war-driven haven rally is likely over as the ceasefire between the US and Iran prompts investors to seek riskier assets.

The dollar wiped out all gains it registered since the US-Iran war began after Tehran announced Friday that the Strait of Hormuz is now “completely open” for commercial traffic. The developments dented demand for haven assets like the dollar, which is traditionally seen as an oasis during times of crisis.