The Iran war is "backfiring" on the U.S. dollar says a new analysis from Handelsbanken, which warns the currency could struggle to perform its traditional safe haven function.
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The pound-dollar exchange rate is up 1.77% this week, but analysts at Citi warn the dollar isn't done.
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"The dollar is riding a wave of positioning that history suggests cannot hold," says Karl Schamotta, Chief Market Strategist at Corpay.
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Pound sterling has found a ceiling against the dollar as oil prices find a floor amidst the realisation the Strait of Hormuz is still closed.
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The British pound is vulnerable to further weakness against the dollar in the coming days.
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Mixed signals from the U.S. President keep the dollar bid.
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The pound rose against the dollar on Wednesday, carried higher by growing hopes that the Iran conflict may be moving toward resolution – but analysts warn the rally is fragile and the broader downt…
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