Browsing: Dollar

The dollar index slipped below 98.5 on Monday after briefly rising to 99.3 earlier in the session as demand slowed sharply. The markets reacted to reports that Iran had submitted a new proposal to the US aimed at reopening the Strait of Hormuz and easing tensions.

Boosted by rising demand, the US dollar rallied against its trading pairs to its highest positions in about a year, supported by geopolitical tensions and shifting rate expectations.

The flight-to-safety drive from Middle East tensions strengthened the US dollar against trading peers on Monday, forex traders said in a separate note.

The U.S. dollar weakened against other major currencies amid geopolitical concerns and trade uncertainties, fuelling negative sentiment.

The U.S. dollar fell against its major counterparts in the global forex market on Friday’s close, while Washington remains unfazed over the weak dollar index.

U.S. President Donald Trump has dismissed concerns that the value of the U.S. dollar has declined too much, arguing instead that the currency has been doing “great.”

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