What drives the US dollar?

The world's reserve currency reacts to Fed policy, trade balances, and risk appetite. Each row traces a chain of real events that pushed the dollar higher or lower, month by month.

Dollar98.21▼ 1.9% · 30d · 39 chains
2026-04-30: 4 bull · 0 bear2026-04-29: 6 bull · 0 bear2026-04-28: 4 bull · 2 bear2026-04-28: 4 bull · 2 bear2026-04-27: 2 bull · 2 bear2026-04-27: 2 bull · 2 bear2026-04-23: 1 bull · 0 bear2026-04-22: 1 bull · 0 bear2026-04-21: 1 bull · 0 bear2026-04-17: 0 bull · 1 bear2026-04-14: 0 bull · 1 bear2026-04-13: 1 bull · 1 bear2026-04-13: 1 bull · 1 bear2026-04-10: 0 bull · 1 bear2026-04-09: 0 bull · 2 bear2026-04-08: 2 bull · 3 bear2026-04-08: 2 bull · 3 bear2026-04-07: 1 bull · 0 bear2026-04-06: 0 bull · 1 bear2026-04-02: 1 bull · 1 bear2026-04-02: 1 bull · 1 bear
APR 2APR 14APR 23MAY 1

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MAY 1 – MAY 31, 2026
APR 30 Closed: +0.11%
🇺🇸 Military Blockade 2026-04-30
DOLLAR ▲ 2026-04-30
The US naval blockade on Iran increased geopolitical tensions, boosting demand for the safe-haven dollar.
🇺🇸 Interest Rate Decision 2026-04-30
DOLLAR ▲ 2026-04-30
The Fed's hawkish stance and rate hold boosted the dollar.
APR 29 Closed: +0.06%
🌍 Safe-Haven Asset Demand Rise 2026-04-29
DOLLAR ▲ 2026-04-29
Investors bought US dollars as a safe haven due to US-Iran tensions, causing the dollar to rise.
🇺🇸 Diplomacy Setbacks 2026-04-24
🌍 Geopolitical Tension Rise 2026-04-24
Stalled peace talks increase geopolitical tensions, raising uncertainty globally.
DOLLAR ▲ 2026-04-29
Geopolitical tensions increased demand for the safe-haven US dollar, pushing its value up.
🇺🇸 Hawkish Monetary Policy Signal 2026-04-29
DOLLAR ▲ 2026-04-29
Hawkish Fed signals make holding dollars more attractive, boosting demand and the dollar's value.
APR 28 Closed: +0.32%
🕌 Geopolitical Uncertainty 2026-04-28
DOLLAR ▲ 2026-04-28
Uncertainty in the Middle East drives investors to the safe-haven dollar, increasing its value.
🇮🇷 Hawkish Remarks Exchange 2026-04-28
DOLLAR ▲ 2026-04-28
Hawkish remarks between Iran and US boosted the dollar, causing currency appreciation.
🇮🇷 Diplomatic Negotiation Progress 2026-04-28
DOLLAR ▼ 2026-04-28
Diplomatic efforts reduced safe-haven demand, causing the dollar to decline.
APR 27 Closed: −0.3%
🇮🇷 Diplomatic Proposal 2026-04-27
DOLLAR ▼ 2026-04-27
Hopes for a diplomatic proposal eased safe-haven demand, causing the dollar to decline.
🇺🇸 Diplomacy Setbacks 2026-04-27
DOLLAR ▲ 2026-04-27
Failed peace talks increased geopolitical tensions, boosting safe-haven demand for the dollar.
APR 1 – APR 30, 2026
APR 30 Closed: +0.11%
🇺🇸 Military Blockade 2026-04-30
DOLLAR ▲ 2026-04-30
The US naval blockade on Iran increased geopolitical tensions, boosting demand for the safe-haven dollar.
🇺🇸 Interest Rate Decision 2026-04-30
DOLLAR ▲ 2026-04-30
The Fed's hawkish stance and rate hold boosted the dollar.
APR 29 Closed: +0.06%
🌍 Safe-Haven Asset Demand Rise 2026-04-29
DOLLAR ▲ 2026-04-29
Investors bought US dollars as a safe haven due to US-Iran tensions, causing the dollar to rise.
🇺🇸 Diplomacy Setbacks 2026-04-24
🌍 Geopolitical Tension Rise 2026-04-24
Stalled peace talks increase geopolitical tensions, raising uncertainty globally.
DOLLAR ▲ 2026-04-29
Geopolitical tensions increased demand for the safe-haven US dollar, pushing its value up.
🇺🇸 Hawkish Monetary Policy Signal 2026-04-29
DOLLAR ▲ 2026-04-29
Hawkish Fed signals make holding dollars more attractive, boosting demand and the dollar's value.
APR 28 Closed: +0.32%
🕌 Geopolitical Uncertainty 2026-04-28
DOLLAR ▲ 2026-04-28
Uncertainty in the Middle East drives investors to the safe-haven dollar, increasing its value.
🇮🇷 Hawkish Remarks Exchange 2026-04-28
DOLLAR ▲ 2026-04-28
Hawkish remarks between Iran and US boosted the dollar, causing currency appreciation.
🇮🇷 Diplomatic Negotiation Progress 2026-04-28
DOLLAR ▼ 2026-04-28
Diplomatic efforts reduced safe-haven demand, causing the dollar to decline.
APR 27 Closed: −0.3%
🇮🇷 Diplomatic Proposal 2026-04-27
DOLLAR ▼ 2026-04-27
Hopes for a diplomatic proposal eased safe-haven demand, causing the dollar to decline.
🇺🇸 Diplomacy Setbacks 2026-04-27
DOLLAR ▲ 2026-04-27
Failed peace talks increased geopolitical tensions, boosting safe-haven demand for the dollar.
APR 23 Closed: +0.21%
🇺🇸 Military Strike 2026-04-23
DOLLAR ▲ 2026-04-23
Military tensions in the Middle East increased demand for the safe-haven US dollar, causing it to appreciate.

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APR 22 Closed: +0.18%
🇺🇸 Geopolitical Tension Rise 2026-04-20
🌍 Risk Sentiment Decline 2026-04-20
Geopolitical tensions in Iran made investors more cautious, reducing demand for riskier assets like the New Zealand dollar.
DOLLAR ▲ 2026-04-22
Geopolitical tensions reduced investor appetite for risk, increasing demand for safe-haven US dollars.
APR 21 Closed: +0.37%
🕌 Geopolitical Uncertainty 2026-04-21
DOLLAR ▲ 2026-04-21
Geopolitical uncertainty in the Middle East prompted investors to seek the safety of the US dollar.
APR 17 Closed: −0.12%
🇺🇸 War De-Escalation 2026-04-14
🌍 Oil Price Decline 2026-04-14
Expectations of a ceasefire and possible reopening of the Strait of Hormuz weighed on oil prices.
🇺🇸 Interest Rate Cut Expectation Rise 2026-04-17
Lower oil prices reduce inflation pressure, making the Fed more likely to cut interest rates.
DOLLAR ▼ 2026-04-17
Expectations of future Fed rate cuts make the dollar less attractive to investors, so its value falls.
APR 14 Closed: −0.25%
🇺🇸 Diplomatic Negotiation Progress 2026-04-14
DOLLAR ▼ 2026-04-14
Progress in US-Iran negotiations weakened the dollar by reducing geopolitical risk and inflation fears.
APR 13 Closed: −0.28%
🇺🇸 Diplomacy Setbacks 2026-04-13
🌍 Geopolitical Tension Rise 2026-04-13
The breakdown of US-Iran talks and a US naval blockade increase the risk of global market volatility.
DOLLAR ▲ 2026-04-13
Geopolitical tensions triggered a risk-off mood, making investors seek safe-haven assets like the US dollar.
🇺🇸 Us-Iran Negotiation Optimism 2026-04-13
DOLLAR ▼ 2026-04-13
Optimism about US-Iran negotiations made investors buy riskier assets instead of the dollar.

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APR 10 Closed: −0.17%
🕌 War De-Escalation 2026-04-10
DOLLAR ▼ 2026-04-10
A ceasefire in the Middle East conflict improved global risk sentiment, reducing demand for safe-haven US dollars.
APR 9 Closed: −0.31%
🇺🇸 War De-Escalation 2026-04-09
DOLLAR ▼ 2026-04-09
A ceasefire agreement reduced geopolitical risk, making the dollar less attractive as a safe haven.
🇮🇱 Conflict Escalation 2026-04-09
🕌 Ceasefire Strain 2026-04-09
Israel's ongoing conflict with Hezbollah is making the ceasefire agreement appear fragile.
DOLLAR ▼ 2026-04-09
Ceasefire strain in the Middle East made investors cautious, weakening demand for the dollar.
APR 8 Closed: −0.51%
🇺🇸 Military Operation Suspension 2026-04-08
DOLLAR ▲ 2026-04-08
US military suspension reduced geopolitical risk, weakening the US dollar and strengthening other currencies.
🇮🇷 War De-Escalation 2026-04-08
DOLLAR ▲ 2026-04-08
A US-Iran ceasefire announcement weakened the US dollar, making other currencies like the yuan stronger.
🇺🇸 Earnings Rise 2026-04-03
🇺🇸 Interest Rate Cut Expectation 2026-04-03
Strong job growth reduces pressure on the Fed to cut interest rates.
DOLLAR ▼ 2026-04-08
Expectations of lower interest rates reduce demand for the dollar, making it weaker.
🇺🇸 Export Demand Rise 2026-04-08
A weaker dollar makes US cotton cheaper for foreign buyers, increasing export demand.
🇺🇸 Military Strike Delay 2026-04-08
DOLLAR ▼ 2026-04-08
The delay in military action reduced safe-haven demand for the dollar, causing it to weaken.
🇺🇸 Export Demand Rise 2026-04-08
A weaker dollar makes US cotton cheaper for foreign buyers, increasing export demand.
🕌 War De-Escalation 2026-04-08
DOLLAR ▼ 2026-04-08
The dollar fell because reduced Middle East tensions made safe-haven assets less attractive.
🇺🇸 Export Demand Rise 2026-04-08
A weaker dollar makes US cotton cheaper for foreign buyers, increasing export demand.
APR 7 Closed: −0.34%
🇮🇷 Geopolitical Tension Rise 2026-04-07
DOLLAR ▲ 2026-04-07
Geopolitical conflict in Iran makes investors seek safe US assets, strengthening the dollar.
APR 6 Closed: −0.21%
🇮🇷 War De-Escalation 2026-04-06
DOLLAR ▼ 2026-04-06
Reduced geopolitical risk makes the US dollar less attractive as a safe-haven currency.
🇺🇸 Export Demand Rise 2026-04-08
A weaker dollar makes US cotton cheaper for foreign buyers, increasing export demand.

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APR 2 Closed: +0.38%
🇺🇸 Military Strike 2026-04-02
🌍 Fuel Price Rise 2026-04-02
US military escalation in Iran raised fears of oil supply disruptions, pushing prices higher.
🇺🇸 Interest Rate Cut Expectation 2026-04-02
Higher oil prices from the war raise inflation fears, making investors expect fewer Fed rate cuts.
DOLLAR ▲ 2026-04-02
Investors reduced expectations for Fed rate cuts, making the dollar more attractive and causing it to rise.
🇺🇸 Military Operation De-Escalation 2026-04-02
DOLLAR ▼ 2026-04-02
The US military operation de-escalation reduced safe-haven demand for the dollar, causing its index to fall.
APR 1 Closed: −0.31%
🕌 War De-Escalation 2026-04-01
DOLLAR ▼ 2026-04-01
Signs of reduced conflict lowered demand for safe-haven assets like the dollar.
🇺🇸 Military Campaign Announcement 2026-04-01
DOLLAR ▼ 2026-04-01
Hopes for a swift end to the military campaign reduced safe-haven demand for the dollar.
🕌 War De-Escalation 2026-04-01
DOLLAR ▼ 2026-04-01
Military de-escalation reduces safe-haven demand for the US dollar, causing it to depreciate.
🇺🇸 Commodity Price Rise 2026-04-01
A weaker dollar makes commodities priced in dollars cheaper for buyers using other currencies, increasing demand and pushing prices up.
MAR 31 Closed: −0.55%
🌍 Geopolitical Tension Rise 2026-03-31
🇺🇸 Safe-Haven Asset Demand Rise 2026-03-31
Persistent geopolitical instability increases demand for safe assets like the US dollar.
DOLLAR ▲ 2026-03-31
Investors seeking safety during Middle East conflict are buying US dollars instead of gold.
MAR 30 Closed: +0.36%
🇺🇸 Military Strike 2026-03-30
🌍 Fuel Price Rise 2026-03-30
Middle East conflict disrupts shipping routes and threatens oil supplies, pushing global oil prices higher.
🇺🇸 Treasury Yield Rise 2026-03-30
Higher oil prices increase inflation risks, making investors expect the Fed to raise interest rates.
DOLLAR ▲ 2026-03-30
Expectations that the Federal Reserve will raise interest rates make the US dollar more attractive to investors.

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