The dollar benefits when investors get nervous, but higher energy prices have seriously complicated the Fed’s path to interest rate cuts. Right now, the dollar is trading like a barometer for fear and for rate expectations at the same time. That can create choppy moves and sudden reversals. The next clue will come from the data flow this week, especially US inflation, and whether oil headlines keep worsening or finally cool.
USD: Safe-haven demand meets an inflation headache
Christopher Nye
on March 9th, 2026 
