The US dollar lost roughly 10% in 2025, which is a relatively significant move historically in the currency markets. But 2026 has been a different story thus far. Part of the reason for the dollar's strength of late has been the conflict with Iran. Countries and regions that are net energy importers (e.g., India, Japan, Korea, and Europe) have largely seen their currencies drop as the potential impact of higher oil and gas prices take an economic toll. Meanwhile, the US is a net energy exporter, which, along with its "safe-haven" status, has helped bolster the greenback.
Past performance is no guarantee of future results. All indexes are unmanaged, and performance of the indexes includes reinvestment of dividends and interest income, unless otherwise noted. Indexes are not illustrative of any particular investment, and it is not possible to invest directly in an index. Data as of March 18, 2026. Source: Fidelity Investments.