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Commodities

Dollar Slips as Oil Prices Plummet Amid Strait of Hormuz Deal Hopes

Guavy AI Editorial Team
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Oil
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The US dollar index (DXY) is under pressure today, down by -0.06% as hopes for a deal to reopen the Strait of Hormuz boost stocks and knock crude oil prices lower.

The slide in crude oil prices lowers inflation expectations and could prompt the Federal Reserve to loosen monetary policy, a negative factor for the dollar.

Today's weaker-than-expected US economic reports on June JOLTS job openings and June factory orders are also weighing on the dollar.

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