The U.S. dollar posted sharp gains, hitting multi-month peaks against the euro, sterling and yen as tensions in the Middle East fuelled expectations of prolonged global inflation and triggered broad demand for safe‑haven assets.
Supertanker costs in the Middle East have hit all-time highs, according to shipping data and industry sources, as the U.S.-Iran conflict intensifies with Tehran attacking ships passing through the Strait of Hormuz.
Global payment giant Visa is expanding its stablecoin card partnership with Bridge, expanding the rollout of stablecoin-linked Visa cards worldwide. Visa and Bridge are expanding their joint card program to 18 countries, with plans to reach more than 100 across Europe, Asia-Pacific, Africa and the Middle East by the end of the year.
The benchmark S&P 500 was flat as gains in technology stocks offset broader market losses stemming from worries that a prolonged Middle East conflict could disrupt global trade routes and reignite inflationary pressures.
Crypto investment products recorded their first weekly inflows since January, snapping a five-week outflow streak totaling roughly $4 billion. Crypto exchange-traded products attracted $1 billion last week, led by $882 million into Bitcoin funds.
Sterling hit a 2 and a half month low against the dollar and edged down versus the euro, as the Iran conflict sent investors into safe‑haven assets while concerns over the Bank of England’s policy path weighed on the British currency.
