March 3, 2026
United States:
Dollar Set for Biggest Surge in a Year as Inflation Fears Mount
The dollar headed for its biggest two-day rally in almost a year as the deepening war in Iran stoked inflation fears and spurred demand for havens.
The Bloomberg Dollar Spot Index’s 0.8% advance on Tuesday put it on track for its strongest back-to-back run since a rebound notched in April last year, when the initial panic over US President Donald Trump’s trade tariffs was easing.
Europe:
Euro-Zone Inflation Unexpectedly Rises as Iran Risks Swirl
Euro-area inflation unexpectedly quickened, backing the European Central Bank’s caution on interest rates, particularly as the war in Iran sends energy prices surging.
Consumer prices rose 1.9% from a year ago in February — up from 1.7% in January and just below the ECB’s 2% target.
Asia:
Japan’s Katayama Warns on FX as Middle East Weighs on Yen
Japan is monitoring financial markets with the utmost vigilance and will take any necessary action in response to sharp movements, Finance Minister Satsuki Katayama said, as volatility intensifies following the US and Israeli attack on Iran.
“We recognize that significant fluctuations have occurred in financial markets in light of the recent developments in the Middle East,” Katayama told reporters Tuesday. “The government is watching market movements with an extremely high sense of urgency, and will take all necessary measures, while working closely and nimbly with overseas authorities,” she said.
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