Dollar likely to find support as long as Strait remains mostly closed in Daily Currencies Ratings 15/06/2026 The U.S. dollar is likely to remain supported in the near term despite a recent pullback in oil prices, according to a note from Goldman Sachs. The report said easing concerns over a severe global oil shortage have helped limit expectations for a sharp divergence in global growth, reducing some of the upward pressure on the dollar. Recent declines in oil prices have also trimmed market expectations for additional Federal Reserve rate hikes ahead of next week’s policy meeting. Even so, analysts argued that the broader backdrop remains supportive for the greenback. The report pointed to two major global themes that continue to favor the dollar: the ongoing artificial intelligence investment boom and disruptions to global energy supplies. According to the note, the United States remains relatively insulated from some of the economic effects of the energy disruption compared with other major economies. That dynamic has helped keep the dollar supported even as markets react to headlines surrounding a potential ceasefire and negotiations involving the Strait of Hormuz. The report said growing expectations that any oil supply shortfall may be smaller than initially feared have helped contain volatility across currency markets. As a result, investors are assigning a lower premium to the risk of additional Federal Reserve tightening over the next several meetings. Analysts noted that global factors such as commodity prices and equity markets were the primary drivers of foreign exchange movements earlier this year. More recently, domestic factors, including interest rate differentials, have begun to play a larger role in determining currency performance. The report said a smaller commodity shock would likely limit the scope for large divergences between major economies and reduce the potential for a sharp increase in foreign exchange volatility. At the same time, uncer