US dollar steady as Trump sets Strait of Hormuz deadline
The US dollar stayed solid on Monday, even as things heated up between the US and Iran.
President Trump has given Iran a deadline: reopen the Strait of Hormuz by April 7 or face attacks on its infrastructure.
This standoff is making global markets jittery, especially with many traders off for holidays in Asia and Europe.
Oil tops $100 amid supply worries
As tension rises, the euro have slipped against the US dollar, while Japan's yen is also weaker amid talk of possible intervention.
Oil prices shot past $100 a barrel due to supply worries, sparking fresh fears about inflation and pushing back hopes for US interest rate cuts until late 2027.
Investors are flocking to the US dollar for safety, but there are real concerns about economic slowdown: US hiring is already showing signs of cooling off as everyone waits to see what happens next with Iran.