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US dollar reaches fresh highs against major peers
US dollar strengthens to new highs against major currencies, supported by rising oil and yields amid Middle East tensions after Trump said US strikes Iran.
01/09/2026 18:223 min read
The US dollar is gaining against most major currencies, supported by higher oil prices and rising yields amid escalating military tensions in the Middle East.
Oil has climbed nearly $4 on the day, approaching $90 a barrel. Yields are still high, with the two-year note up 3.7 basis points and the 10-year note up 3.4 basis points.
President Trump stated that the US is currently conducting strikes on Iranian targets near the Strait of Hormuz, describing them as larger and powerful. These attacks are a response to Iranian strikes, which themselves were retaliation for earlier US attacks on Iran. This cycle of retaliation continues.
The US dollar's strength is pushing the following major currency pairs to new lows:
- EURUSD
- GBPUSD
- USDCHF
- USDJPY
- USDCAD
- AUDUSD and
- NZDUSD
Technical factors are driving the moves in each of these pairs as they fall against the greenback.
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