The Dollar Index trades near 99.50, roughly a tenth of a percent lower, having opened directly on its 200-day Exponential Moving Average (EMA) and failed there inside the first minutes, with a session low just above 99.25 taking out the August range. That is the tape on the day a 60-day framework meant to end the war over the Strait of Hormuz expires with nothing agreed to replace it, which is not how a haven currency is supposed to behave on a deadline.
The haven bid went somewhere else
A senior Iranian official told Reuters the country may move from a defensive policy to an offensive one should diplomacy fail, escalating both in the Strait…
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