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U.S. Hits Iran; Dollar Up, Yen Near 160

5/28/2026

49 11 Full Breakdown

Summary

**US Strikes Iran**

U.S. launched strikes on an Iranian military site on May 28, lifting the dollar index 0.25% to 99.50.
The euro fell to $1.1620 and the pound to $1.34176.
Japan’s yen weakened to 159.60 per dollar, near the 160 level that previously triggered intervention.
India’s rupee settled at 95.68 per dollar ahead of the RBI’s June 3-5 meeting, 50% Federal Reserve (Fed) hike chance and IRGC warning decisive attacks.

Summary

**Gold Slides**

Spot gold fell 1.1% to $4,406.81 per ounce as the dollar rose after U.S. strikes.
Federal Reserve (Fed) Governor Lisa Cook warned that inflation risks from the Iran conflict could trigger additional rate hikes.
People's Bank of China (PBOC) added 260,000 ounces of gold in April, raising its reserves to 74.64 million ounces.
Spot silver fell 1.6% to $73.44 per ounce.
Gold-ETF holdings reached a 5.25-month low on March 31.

History

Historical Context

The Carter administration began phased oil-price deregulation on April 5 1979, just as the Iranian Revolution cut output and pushed world crude to nearly $40 a barrel. That shock led to heightened inflation worries and today’s U.S. strike on an IRGC site echoes the same price-driven global volatility and renewed concerns about inflation.

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**US Strikes Iran**

U.S. launched strikes on an Iranian military site on May 28, lifting the dollar index 0.25% to 99.50.
The euro fell to $1.1620 and the pound to $1.34176.
Japan’s yen weakened to 159.60 per dollar, near the 160 level that previously triggered intervention.
India’s rupee settled at 95.68 per dollar ahead of the RBI’s June 3-5 meeting, 50% Federal Reserve (Fed) hike chance and IRGC warning decisive attacks.

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