Wall Street Turns Gloomy on the Dollar as Haven Demand Fades

Deutsche Bank AG and Wells Fargo & Co. say the dollar’s war-driven haven rally is likely over, as the US-Iran ceasefire pushes investors back into riskier assets.

The dollar briefly 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. The move ebbed by the end of day.