FX markets

Daily Market View 02-03-2026

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1:00

Chaos in the Mid-East prompts massive Dollar rally

1 Minute Market Rundown

Broad Dollar index rallies to its best level since January off the back of conflict with Iran
Pound major loser in markets so far, tracking 1.15% weaker just this morning against the Dollar
Euro comes off slightly better against Dollar than Pound and GBPEUR falls to its weakest since December

USD-

The expected, but still shocking, ignition of this war with Iran has proved to be the biggest motivator for markets of this year so far. Naturally, much of the movement has been into safe havens as panic sets in early this morning. Oil prices leapt the most since 2022 and the Russian invasion of Ukraine and in FX markets USD has proven the big winner.

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The Dollar is trading at its best since January against the Pound as GBP comes off worse for wear in safe haven appetite. This week was always going to be of great importance because of the volume of data coming out, but now it has been catapulted to the most busy week in markets for years.

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*Please be aware the below rates represent the market rate at 8:00 AM, contact your Caxton dealer or check online for a live quote.

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