The US dollar rose due to the tense situation in Iran and the decision of Federal Reserve Chairman Powell to stay on the board.

The US dollar rose as market concerns over escalating tensions in the Iran war pushed oil prices higher, and Federal Reserve Chairman Jerome Powell confirmed that he will continue to serve on the board after his term as chairman ends in May. An Axios report said that the US is preparing for a military strike to break the stalemate in negotiations with Iran. Analysts at Danske Bank stated in a report that Powell's decision to remain on the board after his term as chairman ended prevented President Trump from nominating a successor who supports rate cuts. As Powell made this announcement, the Federal Reserve kept interest rates steady, and the US Senate Banking Committee approved the nomination of Kevin Warsh as the next Federal Reserve chairman. The DXY dollar index rose 0.1% to 99.038.