Dollar Firms Near 100 as Hormuz Vessel Ban Lifts Oil Before Payrolls

The US dollar strengthened across the board on Thursday, with the DXY index adding 0.26% to hover near the 100.00 level. The move coincided with a sharp 3% rally in oil prices after reports of a vessel ban in the Strait of Hormuz, a key maritime corridor for global crude shipments.

The flight to safety pushed the greenback higher against all major peers, including the euro and pound, as traders also positioned for the release of the US Nonfarm Payrolls report on Friday. The data is expected to provide fresh clues on the labor market and the Federal Reserve’s policy path.