Forex Today: US Dollar remains strong, Oil prices rise as Iran deadline puts markets in suspense

April 7, 2026

Here’s what you need to know on Wednesday, April 8th.

The U.S. Dollar Index (DXY) is lingering around 99.80, just shy of last week’s high of 100. It’s holding up pretty well as traders keep an eye on the situation involving Iran, especially with President Trump’s deadline at 8 PM ET regarding the Strait of Hormuz. Iran has, quite firmly, rejected a temporary ceasefire and has cut communication with the U.S., which complicates the terms for any lasting peace. Meanwhile, the oil market is still accounting for the possibility of ongoing disruptions.

Interestingly, even with a 1.4% drop in overall durable goods orders, the U.S. core capital goods orders for February surprisingly came in 0.6% higher than analysts had projected. This gave a bit of a boost to the dollar ahead of the upcoming Federal Open Market Committee (FOMC) minutes and PCE inflation data.

USD price today

The table below captures how the U.S. dollar (USD) has fared against major currencies today. Notably, it was particularly strong against the Swiss franc.

	USD	EUR	GBP	JPY	CAD	AUD	NZD	CHF
USD		-0.34%	-0.23%	0.05%	-0.08%	-0.53%	0.00%	0.07%
EUR	0.34%		0.10%	0.35%	0.23%	-0.21%	0.33%	0.41%
GBP	0.23%	-0.10%		0.25%	0.14%	-0.29%	0.24%	0.32%
JPY	-0.05%	-0.35%	-0.25%		-0.11%	-0.56%	-0.04%	0.04%
CAD	0.08%	-0.23%	-0.14%	0.11%		-0.45%	0.06%	0.15%
AUD	0.53%	0.21%	0.29%	0.56%	0.45%		0.53%	0.61%
NZD	-0.00%	-0.33%	-0.24%	0.04%	-0.06%	-0.53%		0.10%
CHF	-0.07%	-0.41%	-0.32%	-0.04%	-0.15%	-0.61%	-0.10%

The heat map provides a glimpse into the percentage change between the major currencies. The left column shows the base currency while the top row indicates the quote currency.

The EUR/USD exchange rate climbed to about 1.1580, holding up well despite the strength of the U.S. dollar. The euro has benefited from increasing speculation that the European Central Bank (ECB) might need to consider tightening its policies, especially if the crisis in oil impacts prices broadly. ECB officials have hinted they are ready to act if inflation pressures endure.

Meanwhile, GBP/USD rose towards 1.3270, showing a slight uptick, but the pound is still lingering near its lowest point against the dollar in over four months, due to concerns about the UK’s reliance on imported energy and its delicate financial situation.

The USD/JPY exchange is floating around 159.80, close to a threshold that previously led to intervention from Japan. The finance minister noted that Japan will stay engaged with G7 nations as the market volatility driven by oil continues. Notably, 10-year government bond yields have climbed to 2.43%, marking a 27-year peak, which underscores the pressure from high energy costs and governmental support measures.

In the Australian dollar front, AUD/USD trades around 0.6960, despite higher energy prices dampening the mood for risk-sensitive currencies. This uptick aligns with the Reserve Bank of Australia’s hawkish stance of late.

Crude oil prices saw West Texas Intermediate (WTI) rise to roughly $117 a barrel early on, but by late afternoon, it settled down to about $113.40. The ongoing crisis in Hormuz is applying immense pressure on the oil market, with some grades of crude oil approaching $150 per barrel, which essentially disrupts the supply of around 12 million barrels a day.

Gold prices made a slight bullish trend, nearing $4,680. However, this signals more caution than a significant leap, as geopolitical uncertainties support bullion without escalating too much. There’s also the worry that a robust U.S. dollar and rising oil prices could lead to prolonged higher interest rates. Additionally, the People’s Bank of China has extended its gold purchasing period to 17 months, which helps bolster the metal’s market value.