This past week has been strong for the U.S. Dollar Index DXY — its best since October 2022, in fact. It’s a far cry from the first half of this year, when the index lost almost 11% — the worst first-half return on record since the index was created in the early 1970s.

The dollar was falling after President Donald Trump said he would nominate Stephen Miran to temporarily join the Federal Reserve's board of governors. Miran is chair of the White House's Council of Economic Advisers.