[TD Securities: Prolonged Oil Price Shocks May Weaken the Dollar] According to a report by TD Securities strategists, prolonged oil price shocks caused by the Iran war could ultimately be unfavorable for the U.S. dollar. They noted that compared to the EU and Asia, the U.S.'s energy independence should delay the impact on the U.S., temporarily shifting growth and relative interest rate differentials in favor of the dollar. 'Ultimately, even the U.S. and the Federal Reserve cannot escape the growth and macroeconomic impacts of long-term disruptions in the energy market,' they stated. If the Federal Reserve continues to cut rates by the end of this year, the dollar is expected to weaken in the medium term. Concerns about the U.S. deficit may also be exacerbated by increased defense spending.