On a Friday morning in August 2026, the US dollar reasserted itself against major currencies, drawing strength from two ancient and intertwined forces: the fear of conflict and the promise of return. As negotiations over Iran's role in the Strait of Hormuz faltered and the Federal Reserve signaled it had not yet finished its battle with inflation, investors sought the familiar shelter of dollar assets — a reminder that in uncertain times, markets still reach for what they believe will hold its value.