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Dollar Erases 2026 Gains as Iran Ceasefire Saps Haven Demand

Carter Johnson, Anya Andrianova
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The U.S. dollar erased all 2026 gains after a ceasefire between Iran and the U.S. triggered a sharp selloff, reversing haven demand that had propped up the currency amid geopolitical tensions. The Bloomberg Dollar Spot Index dropped 1.1%—its steepest decline since January—as global markets rallied on easing Middle East conflict risks, pushing investors away from safe-haven assets. Oil prices tumbled alongside the dollar, as reduced geopolitical uncertainty dampened energy market volatility, further weakening the greenback’s appeal as a crisis hedge. The dollar fell against all 16 major peers, with the euro, pound, and yen each gaining over 1%, reflecting broad-based risk-on sentiment and unwinding of defensive positions. Treasuries and equities surged in tandem, underscoring the market’s pivot from caution to optimism as the ceasefire deal defused immediate conflict fears.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000US Dollar:The dollar slumped, wiping out its gains for the year, after a ceasefire between Iran and the US sent oil prices tumbling and unwound one of the conflict’s most prominent haven trades.The Bloomberg Dollar Spot Index weakened as much as 1.1% Wednesday, its steepest slide since January, as a relief rally swept through global markets. Treasuries and stocks jumped, and the greenback fell against all 16 major peers — with the euro, pound and yen posting 1% gains.

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Source: Bloomberg

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