Dollar Strength and Nvidia Earnings: Today's Critical Setup

The dominant theme today is a stronger US dollar driven by geopolitical uncertainty and hawkish Fed expectations. Iran war fears have pushed Treasury yields to multi-year highs, with the 30-year reportedly hitting 17-year peaks, and that backdrop is leaning on risk assets across the board [1][2]. The dollar's six-week high is the clearest expression of the mood — EURUSD broke below $1.16, GBPUSD is drifting near $1.34, and emerging market currencies are feeling the squeeze [3][4]. Bond yields are pausing near recent highs today rather than accelerating, which has given equities a moment to breathe, but the pressure hasn't gone away