Goldman Sachs states that if the war in Iran impacts economic growth, the strength of the US dollar will weaken.

Goldman Sachs's foreign exchange strategist said that if the focus of the forex and interest rate markets shifts from the inflation consequences of the Iran war to concerns about economic growth, then the US dollar's uptrend since the conflict broke out may slow down. Strategist Isabella Rosenberg wrote in a report on Tuesday, "Although the market has basically viewed the oil price shock as a type of inflation and trade condition event, if the market shifts its focus to greater downside growth risks, then the broad-based strength of the US dollar is likely to weaken." Analysts say that in a scenario where growth concerns trigger a tightening of financial conditions dominated by the stock market, the Japanese yen and Swiss franc, as safe-haven currencies, will rise the most against the US dollar.