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The US dollar index rises amid Strait of Hormuz blockade
MarketWatch data shows a slight increase in the US dollar index, reaching 0.33% over 24 hours to 98.98 at the time of writing this report. The US dollar index (DXY) is commonly used to assess the strength of the dollar compared to other global currencies.
At the time of writing this report, the dollar has risen by 0.26% against the euro, while the Japanese yen has fallen by 0.24% against the dollar. This performance comes amid market anticipation of potential disruptions in the energy sector in Europe and Asia, following Trump's announcement of the US closing the Strait of Hormuz to prevent Iran from collecting transit fees.
Typically, an increase in the US dollar index is a negative indicator for Bitcoin and Ethereum price forecasts. This is because traders may turn to the US dollar as a safe haven and abandon high-risk assets.
The rise in the dollar's value coincides with increasing inflation rates in the United States, reducing the likelihood of the Federal Reserve cutting interest rates. This is a positive factor for the US dollar index (DXY), but a negative factor for Bitcoin, Ethereum, and other digital assets.