Dollar Could Rise Further if Energy Price Shock Intensifies -- Market Talk

Dow Jones03-23

1043 GMT - The dollar is likely to strengthen further if the energy price shock stemming from the Middle East conflict intensifies, MUFG Bank's Lee Hardman says in a note. Economies in Asia and Europe will be hit harder compared to the U.S. as the risk of weak growth combined with high inflation, or stagflation, builds, he says. The conflict should continue to dominate currency moves rather than yield spreads, which have moved against the dollar, he says. The market is pricing 17 basis points of Federal Reserve rate rises by year-end, compared to 80bps for the European Central Bank and 90bp for the Bank of England, LSEG data show. However, the DXY dollar index is up 0.5% at 100.109. (renae.dyer@wsj.com)

(END) Dow Jones Newswires

March 23, 2026 06:43 ET (10:43 GMT)

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