The US dollar finished yesterday on a firmer footing all round. Part of that is the continuing risk off mode and part the data. The US flash composite PMI at 51.4 was weaker than last month, but the commentary about rising costs can still keep the inflation conversation alive, and that often props the dollar up. It goes a little quiet for data the rest of this week, but news from the Strait of Hormuz is looking more pertinent right now anyway.
USD: Safe-haven reflex returns
Christopher Nye
on March 25th, 2026 
