German Bank: The strength of the US dollar is not driven by safe-haven attributes.

In the report, analyst Thu Lan Nguyen from Deutsche Bank pointed out that the recent appreciation of the US dollar due to the Israel-Iran conflict may be mainly attributed to the rebound in oil prices, rather than its role as a safe haven currency. The US dollar benefits from the increase in oil prices, as this improves the ratio of export and import prices, i.e., the trade conditions of the United States. Thanks to technological breakthroughs in the shale oil revolution, the United States has now become the world's largest crude oil producer. It is worth noting that the US dollar did not show a strong trend last Friday, but instead saw a decline against the Canadian dollar and Norwegian krone, which have economies more dependent on oil. The analyst emphasized that this phenomenon explains why, as oil prices partially retraced last Friday's gains, the US dollar index also experienced a simultaneous pullback.