Recent market turbulence has brought the US dollar back into sharp focus. Since the outbreak of the Middle East conflict, energy prices have surged—Brent crude by around 45 per cent and European natural gas by roughly 60 per cent—strengthening the connection between oil markets and the dollar. While these movements have provided support for the currency, the reaction has been more subdued than historical patterns might imply.
In this video, Derek Halpenny examines how the US dollar has responded to the conflict so far, assessing why gains have been more moderate and what this could signal for the outlook. He also outlines the key drivers likely to shape dollar performance in the coming weeks, from geopolitical risk to shifting market expectations.
Watch the full analysis in the video below.