Energy price rises have turned into a headwind for the dollar.
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The British pound starts the new week on the back foot against the dollar, but downside should be limited.
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Pound sterling is set for its best weekly performance of the year against the dollar, helped by a soft U.S. inflation print.
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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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