Published on 6/29/2026
The dollar rose slightly at the beginning of trading on Monday, but it remained on track to record its strongest monthly performance in nearly a year, supported by renewed tensions in the Gulf and high demand for safe assets, at a time when investors await the release of US jobs data that may determine the direction of the Federal Reserve’s monetary policy.
The US currency’s gains came after the United States and Iran exchanged strikes again at the beginning of the week, before the two sides agreed to stop the attacks and hold a meeting in Qatar tomorrow, Tuesday, which kept the markets in a state of anticipation due to the fragility of the ceasefire.
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The US currency also received additional support from the rise in oil prices, after the attacks slowed the flow of energy shipments through the Strait of Hormuz again, which enhanced the demand for the dollar as a safe haven in times of turmoil.
The euro settled at $1.1387, after last week recording its lowest level in 13 months against the dollar, and is on track to record a monthly loss of 2.3%.
The British pound also fell by 0.1% to $1.3198, heading towards a monthly decline of about 2%.
The yen is near a 40-year low
As for the Australian dollar, which is usually affected by the degree of risk appetite, it fell 0.1% to 0.6885 US dollars, and is on track to record a monthly loss of 4.1%.
The New Zealand dollar settled at $0.5635, but is heading to end the month with a decline of 5.9%.
In Asia, the Japanese yen continued its decline to record 161.75 yen against the dollar, approaching its lowest levels in nearly 40 years.
On the other hand, the dollar index – which measures the performance of the US currency against a basket of major currencies that includes the euro and the yen – rose slightly to 101.36 points, before trimming its gains.
The index is heading to achieve monthly gains of 2.5% during the current June, the largest monthly increase since July of last year.
