Dollar Index Rises to Two-Month High of 101.62

A firmer dollar is the quiet tax on every dollar-denominated risk trade, and that is the real signal here rather than the index level itself. Tokenized treasuries and other yield-bearing RWA products priced in dollars tend to see their appeal shift when the currency's direction changes, since the same yield buys more or less depending on where the greenback goes next. Whether this strength holds or fades is the open question for RWA flows.