US Dollar Soars to Yearly High as Investors Flee Risky Assets Amid Iran-Israel Conflict
The US Dollar Index (DXY) surged to a yearly high of 99.84 on Monday, March 23, 2026, and is poised to breach the critical 100 level as investors stampede out of global equities and commodities following escalating Middle East hostilities. The index has rocketed 1.92% since the Iran-Israel war erupted, with Asian markets including India's Sensex, Japan's Nikkei, and Hong Kong's Hang Seng witnessing massive foreign fund outflows and severe sell-offs. In a stark flight to safety, gold prices plunged 6% and silver fell over 5%, leaving the US dollar as the sole major asset defiantly in the green amid the market turmoil.
US Dollar Rises Amid Middle East Conflict
The US dollar is the only beneficiary of the growing conflict in the Middle East. Leading currencies such as the euro, pound, and the yuan are trading in the red in the forex charts. The euro fell 0.38% to $1.1526, and the yen weakened 0.22% to 159.55 per dollar. Sterling dipped 0.37% to $1.329.
said Joseph Capurso, head of international economics at the Commonwealth Bank of Australia.he said.
Rodrigo Catril, a currency strategist at National Australia Bank, explained that investors are now seeking economies that can withstand the supply shock. The US dollar is withstanding the market’s whiplash while other leading currencies are folding. This puts the USD in the spotlight as the DXY index is delivering results, while other assets are not.
” he said.
