Forex Today: US Dollar Index climbs toward 100 amid rising Iran tensions
Key Updates for Friday, March 13
Mojtaba Khamenei, Iran's new Supreme Leader, has declared that assaults on military installations in neighboring nations are set to persist. He also emphasized Iran's determination to retaliate for the loss of its martyrs. Tensions are escalating in the Strait of Hormuz after Iran allegedly struck two oil tankers, fueling worries about potential interruptions to the global energy market. Meanwhile, initial jobless claims for the week ending March 7 dropped to 213,000, slightly under the anticipated 215,000.
The US Dollar Index (DXY) is hovering around 99.70, a level not seen since November 2025, as the dollar continued to strengthen throughout Thursday.
EUR/USD has been declining for three consecutive days, now trading near 1.1520, as ongoing US-Iran conflict supports the dollar's strength.
GBP/USD is currently near 1.3360, marking its third straight day of losses amid rising instability in the Middle East. According to a Reuters survey, the Bank of England is widely expected to keep interest rates steady at 3.75% on March 19, with 86% of economists predicting no change.
USD/JPY is trading close to 159.40, with the dollar reaching its highest point since the beginning of the year. The Bank of Japan continues to tighten policy at a measured pace, while other central banks maintain higher interest rates. For more on the BoJ, see here.
AUD/USD is around 0.7090, pulling back after a four-day rally as the Australian dollar struggles against the firmer greenback.
West Texas Intermediate (WTI) crude is trading at $94 per barrel, extending its three-day winning streak after falling from $120 earlier in the week.
Gold is valued at $5,111, having spent most of the week in a stable range before slipping below $5,150 during Thursday's Asian session. Investors are favoring the robust US dollar over gold at this time.
Upcoming Economic Events
Friday, March 13 Highlights:
- United Kingdom: January GDP figures
- United Kingdom: January Manufacturing Production data
- Spain: February HICP release
- Eurozone: January Industrial Production (seasonally adjusted)
- Canada: February Average Hourly Wages
- Canada: February Employment Change
- Canada: February Unemployment Rate
- United States: January Core Personal Consumption Expenditures Price Index
- United States: Q4 Flash Core Personal Consumption Expenditures
- United States: January Durable Goods Orders
- United States: Q4 Flash Gross Domestic Product (Annualized)
- United States: Q4 Flash GDP Price Index
- United States: January Nondefense Capital Goods Orders excluding Aircraft
- United States: January Personal Consumption Expenditures Price Index
- United States: Q4 Flash Personal Consumption Expenditures Prices
- United States: January Personal Income
- United States: January Personal Spending
- United States: March Flash Michigan Consumer Expectations Index
- United States: March Flash Michigan Consumer Sentiment Index
- United States: March Flash University of Michigan 1-year Consumer Inflation Expectations
- United States: January JOLTS Job Openings
- United States: March Flash University of Michigan 5-year Consumer Inflation Expectations
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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