Yen, euro under pressure as Middle East conflict stokes energy concerns
By Rocky Swift
Published on March 3, 2026.
The US and Israeli air war against Iran has resulted in a surge in safe-haven demand for the dollar as concerns rise about when oil shipments from the region will be restored. The euro steadied after sliding more than 1% due to uncertainty over its recovery. Japanese Finance Minister Satsuki Katayama suggested that currency market intervention could be used to defend the yen. The dollar index traded at 98.49 after a 0.9% surge in the previous session. Concerns about inflation could delay the Federal Reserve's next cut in interest rates also boosted the dollar. The Australian dollar strengthened by 0.21% and the kiwi added 0.1%.
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