While central bankers played musical chairs with interest rates—the Fed and BOE stayed put, Switzerland slashed to zero, and Norway shocked everyone with a surprise slice—the real drama unfolded in the Middle East. Iran and Israel’s escalating tensions sent traders scrambling between safe havens and beta currencies, and turning the usually predictable currency playbook upside down. The dollar and euro were able to catch their grooves, while the yen and Loonie were the biggest losers. Buckle up as we unpack this week’s monetary mayhem. Let’s break it all down by currency, shall we?
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