Why did the U.S. dollar strengthen against major currencies on Monday?

The U.S. dollar strengthened due to two main factors cited in the article: strong U.S. jobs data — with non-farm payrolls rising 115,000 in April, nearly twice the expected pace — and heightened geopolitical tensions after Donald Trump rejected Iran's response to a U.S. peace proposal, causing the U.S.-Iran ceasefire to 'hang by a thread' and boosting demand for the safe-haven currency.

What was Trump's public reaction to Iran's response to the U.S. peace proposal, and how did markets interpret it?

Trump wrote on Truth Social: 'I don’t like it — TOTALLY UNACCEPTABLE,' without providing further detail; this rejection dashed hopes for an imminent end to the 10-week-old conflict and contributed to a surge in oil prices (Brent crude rose 3.3% to $104.65) and increased safe-haven demand for the U.S. dollar.

Dollar Strengthens as Trump Rejects Iran Peace Offer

May 10, 2026

The U.S. dollar gained ground while Brent crude jumped 3.3% to $104.65 amid Iran-U.S. tensions. Investors also monitor the upcoming Trump-Xi summit for potential impacts on critical minerals and trade.

reuters

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