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.
What's driving markets right now — the full picture, every 3 days. Fast, free.
Sign upMAY 1 – MAY 31, 2026
MAY 21
Closed: −0.01%
🇺🇸 Peace Negotiation Progress
2026-05-21
DOLLAR ▼
2026-05-21
Optimism over US-Iran peace talks reduced safe-haven demand for the dollar, causing it to decline.
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DOLLAR ▼
MAY 20
Closed: −0.19%
🇺🇸 Deal Progress
2026-05-20
DOLLAR ▼
2026-05-20
Hopes for a US-Iran deal reduced safe-haven demand, weakening the dollar.
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DOLLAR ▼
MAY 18
Closed: −0.4%
🌍 Safe-Haven Demand Decline
2026-05-18
DOLLAR ▼
2026-05-18
Reduced safe-haven demand made the dollar less attractive, causing it to decline.
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DOLLAR ▼
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🇮🇷 Conflict Escalation
2026-05-11
🌍 Energy Price Rise
2026-05-11
Conflict escalation disrupts oil supply, raising energy prices globally.
🇺🇸 Inflation Rise
2026-05-15
Higher energy costs increase production and transportation expenses, pushing up overall prices.
🇺🇸 Interest Rate Rise Expectation
2026-05-18
Rising US inflation leads traders to expect the Fed may raise interest rates.
DOLLAR ▲
2026-05-18
Expectations of a Fed rate hike make the dollar more attractive to investors, boosting its value.
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DOLLAR ▲
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MAY 15
Closed: +0.39%
🕌 War-Driven Inflation Concern
2026-05-15
DOLLAR ▲
2026-05-15
War-driven inflation concerns boost the dollar as investors seek safe-haven assets.
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DOLLAR ▲
MAY 13
Closed: +0.19%
🇮🇷 Conflict Escalation
2026-05-11
🌍 Energy Price Rise
2026-05-11
Conflict escalation disrupts oil supply, raising energy prices globally.
🇺🇸 Inflation Rise
2026-05-13
Higher fuel costs increase production and transportation expenses, pushing up overall prices.
DOLLAR ▲
2026-05-13
Higher inflation reduces expectations for rate cuts, strengthening the dollar.
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DOLLAR ▲
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MAY 12
Closed: +0.36%
🇺🇸 Ceasefire Stability Concern
2026-05-12
DOLLAR ▲
2026-05-12
Ceasefire uncertainty boosted safe-haven demand for the dollar, causing it to rise.
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DOLLAR ▲
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MAY 8
Closed: −0.42%
🇺🇸 Military Strike
2026-05-08
DOLLAR ▲
2026-05-08
Clashes in Hormuz increased geopolitical risk, boosting demand for the safe-haven US dollar.
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DOLLAR ▲
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MAY 7
Closed: +0.23%
🇮🇷 Geopolitical Agreement Optimism
2026-05-06
🇺🇸 Safe-Haven Demand Decline
2026-05-06
Optimism over a US-Iran deal reduced demand for the safe-haven dollar.
DOLLAR ▼
2026-05-07
Reduced safe-haven demand for the US dollar weakens its value against other currencies.
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DOLLAR ▼
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🕌 Peace Deal Hopes
2026-05-07
DOLLAR ▼
2026-05-07
Peace progress reduces geopolitical risk, weakening safe-haven demand for the dollar.
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DOLLAR ▼
MAY 6
Closed: −0.47%
🇮🇷 Trade Tension Decline
2026-05-06
DOLLAR ▼
2026-05-06
Optimism for a deal with Iran reduced safe-haven demand, weakening the dollar.
↓
DOLLAR ▼
🇺🇸 War De-Escalation
2026-05-06
🌍 Oil Price Decline
2026-05-06
De-escalation reduced supply disruption fears, causing oil prices to ease.
🇺🇸 Inflation Expectation Decline
2026-05-06
Oil prices fell, reducing inflation concerns and expectations of Fed rate hikes.
DOLLAR ▼
2026-05-06
Lower inflation fears reduce demand for the dollar as a hedge, causing it to fall.
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DOLLAR ▼
🇮🇷 Geopolitical Deal Optimism
2026-05-06
DOLLAR ▼
2026-05-06
Optimism for a US-Iran deal reduced safe-haven demand, causing the dollar to fall.
↓
DOLLAR ▼
MAY 1
Closed: −0.76%
🇯🇵 Yen Rally
2026-05-01
DOLLAR ▼
2026-05-01
Yen rally strengthens yen, causing dollar to weaken against it.
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DOLLAR ▼
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🇯🇵 Yen Advance
2026-05-01
DOLLAR ▼
2026-05-01
Yen advance strengthens yen, weakening the dollar as DXY falls.
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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.
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DOLLAR ▲
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🇺🇸 Interest Rate Decision
2026-04-30
DOLLAR ▲
2026-04-30
The Fed's hawkish stance and rate hold boosted the dollar.
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DOLLAR ▲
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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.
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DOLLAR ▲
🇺🇸 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.
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DOLLAR ▲
🇺🇸 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.
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DOLLAR ▲
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.
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DOLLAR ▲
🇮🇷 Hawkish Remarks Exchange
2026-04-28
DOLLAR ▲
2026-04-28
Hawkish remarks between Iran and US boosted the dollar, causing currency appreciation.
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DOLLAR ▲
🇮🇷 Diplomatic Negotiation Progress
2026-04-28
DOLLAR ▼
2026-04-28
Diplomatic efforts reduced safe-haven demand, causing the dollar to decline.
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DOLLAR ▼
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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.
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DOLLAR ▼
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🇺🇸 Diplomacy Setbacks
2026-04-27
DOLLAR ▲
2026-04-27
Failed peace talks increased geopolitical tensions, boosting safe-haven demand for the dollar.
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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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DOLLAR ▲
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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.
↓
DOLLAR ▲
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.
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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.
↓
DOLLAR ▼
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