Commodities
Dollar Retreats Amid Middle East Pause, Oil Prices Slump
The US dollar retreated on Monday against other major currencies after the US paused its bombing in Iran, causing oil prices to drop and boosting investor confidence ahead of a busy week of central bank meetings.
Against the yen, the dollar fell by 0.2% to 163.53 yen, its sharpest daily decline since July 10. The euro rose 0.3% to $1.1404, while the pound increased 0.1% to $1.333.
Brent crude plummeted 6.5% to $90.45 per barrel following the US's temporary halt of strikes. Iran agreed to stop its own attacks as long as the US does the same, a senior Iranian official stated.
The dollar index, which measures the dollar's strength against six other currencies, remained flat at 101.27 ahead of the Federal Reserve's July 28-29 policy meeting.