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The US dollar index rises amid Strait of Hormuz blockade
Market Watch data shows a slight increase in the US dollar index, rising 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 with other global currencies.
As this report is written, the dollar is up 0.26% versus the euro, while the Japanese yen is down 0.24% versus the dollar. This comes as markets anticipate potential disruptions in Europe and Asia’s energy sector, as a result of Trump's announcement that the United States would close the Strait of Hormuz to prevent Iran from collecting transit fees.
A rise in the US dollar index is usually a negative indicator for forecasts of Bitcoin and Ethereum prices. This is because traders may turn to the US dollar as a safe haven and move away from high-risk assets.
The increase in the value of the dollar coincides with rising inflation rates in the United States, which reduced the likelihood of interest rate cuts by the Federal Reserve. This is a positive factor for the US dollar index (DXY), but a negative factor for Bitcoin, Ethereum, and other digital assets.