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Forex Today: US Dollar Index surges toward 100 as Iran tensions escalate

Here is what you need to know for Friday, March 13:

The new Supreme Leader of Iran, Mojtaba Khamenei, said that attacks on neighboring country military bases will inevitably continue, also adding that “Iran will not refrain from avenging the blood of its martyrs”. Risks in the Strait of Hormuz are spiking after Iran reportedly targeted two Oil tankers, raising concerns about further disruptions to global energy supply. Additionally, Initial Jobless Claims for the week ending March 7 fell to 213K, a little below the 215K forecast.

The US Dollar Index (DXY) is trading near the 99.70 price region, reaching levels it hasn’t reached since November 2025. The Greenback has gained support all throughout Thursday.

US Dollar Price Today

The table below shows the percentage change of US Dollar (USD) against listed major currencies today. US Dollar was the strongest against the Australian Dollar.

USDEURGBPJPYCADAUDNZDCHF
USD0.41%0.43%0.25%0.24%0.95%0.94%0.56%
EUR-0.41%0.02%-0.13%-0.17%0.54%0.57%0.15%
GBP-0.43%-0.02%-0.15%-0.19%0.52%0.54%0.12%
JPY-0.25%0.13%0.15%-0.03%0.69%0.70%0.26%
CAD-0.24%0.17%0.19%0.03%0.72%0.74%0.29%
AUD-0.95%-0.54%-0.52%-0.69%-0.72%0.03%-0.40%
NZD-0.94%-0.57%-0.54%-0.70%-0.74%-0.03%-0.44%
CHF-0.56%-0.15%-0.12%-0.26%-0.29%0.40%0.44%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the US Dollar from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent USD (base)/JPY (quote).

EUR/USD is losing its footing for three days in a row and now resides near 1.1520 as the US-Iran war keeps the Greenback firm.

GBP/USD is trading near the 1.3360 level, falling for a third consecutive day amid intensifying tensions in the Middle East. Additionally, according to a Reuters poll, the Bank of England (BoE) is expected to hold the interest rate at 3.75% on March 19, with 43 of 50 economists, or 86%, expecting a hold.

USD/JPY is trading near 159.40 as the USD reaches start-of-year highs amid the Bank of Japan’s (BoJ) gradual pace of policy normalization, meaning that as other major banks maintain higher interest rates, the BoJ continues to tighten its policy.

AUD/USD is trading near the 0.7090 price region, falling from the four-day bullish streak it had going on as the Aussie couldn’t hold the USD's firmer stance.

West Texas Intermediate (WTI) is trading at $94 per barrel as the black gold builds up a three-day bullish streak after dropping from $120 at the start of the week.

Gold is trading at $5,111 after trading in a neutral zone almost all week before slipping on Thursday below the $5,150 level earlier in the Asian session. Investors are more attracted to a firm Greenback and have given the bullion a cold shoulder.

What’s next in the docket:

Friday, March 13:

  • UK, January, GDP.
  • UK, January, Manufacturing Production.
  • Spain, February, HICP.
  • Eurozone, January, Industrial Production s.a.
  • Canada, February, Average Hourly Wages.
  • Canada, February, Net Change in Employment.
  • Canada, February, Unemployment Rate.
  • United States, January, Core Personal Consumption Expenditures - Price Index.
  • United States, Flash (Q4), Core Personal Consumption Expenditures.
  • United States, January, Durable Goods Orders.
  • United States, Flash (Q4), Gross Domestic Product Annualized.
  • United States, Flash (Q4), Gross Domestic Product Price Index.
  • United States, January, Nondefense Capital Goods Orders ex Aircraft.
  • United States, January, Personal Consumption Expenditures - Price Index.
  • United States, Flash (Q4), Personal Consumption Expenditures Prices.
  • United States, January, Personal Income.
  • United States, January, Personal Spending.
  • United States, Flash March, Michigan Consumer Expectations Index.
  • United States, Flash March, Michigan Consumer Sentiment Index.
  • United States, Flash March, UoM 1-year Consumer Inflation Expectations.
  • United States, January, JOLTS Job Openings.
  • United States, Flash March, UoM 5-year Consumer Inflation Expectation.

WTI Oil FAQs

WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the Cushing hub, which is considered “The Pipeline Crossroads of the World”. It is a benchmark for the Oil market and WTI price is frequently quoted in the media.

Like all assets, supply and demand are the key drivers of WTI Oil price. As such, global growth can be a driver of increased demand and vice versa for weak global growth. Political instability, wars, and sanctions can disrupt supply and impact prices. The decisions of OPEC, a group of major Oil-producing countries, is another key driver of price. The value of the US Dollar influences the price of WTI Crude Oil, since Oil is predominantly traded in US Dollars, thus a weaker US Dollar can make Oil more affordable and vice versa.

The weekly Oil inventory reports published by the American Petroleum Institute (API) and the Energy Information Agency (EIA) impact the price of WTI Oil. Changes in inventories reflect fluctuating supply and demand. If the data shows a drop in inventories it can indicate increased demand, pushing up Oil price. Higher inventories can reflect increased supply, pushing down prices. API’s report is published every Tuesday and EIA’s the day after. Their results are usually similar, falling within 1% of each other 75% of the time. The EIA data is considered more reliable, since it is a government agency.

OPEC (Organization of the Petroleum Exporting Countries) is a group of 12 Oil-producing nations who collectively decide production quotas for member countries at twice-yearly meetings. Their decisions often impact WTI Oil prices. When OPEC decides to lower quotas, it can tighten supply, pushing up Oil prices. When OPEC increases production, it has the opposite effect. OPEC+ refers to an expanded group that includes ten extra non-OPEC members, the most notable of which is Russia.

Author

Agustin Wazne

Agustin Wazne joined FXStreet as a Junior News Editor, focusing on Commodities and covering Majors.

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