Commodities
Dollar Weakens as Oil Prices Drop Following Pause in Middle East Conflict
The US dollar weakened against major currencies on Monday as oil prices dropped following a pause in Middle East conflict. The euro rose by 0.1% to $1.1374, while the US dollar slipped 0.1% to 163.69 yen.
Riskier assets rebounded after the US military halted its two-week-long strikes against Iran, and Tehran said it would also halt attacks if the US maintained the pause. Oil prices sank, with Brent crude tumbling 7.5% to $89.42 per barrel.
The dollar's softer tone comes ahead of the Federal Reserve's July 28-29 policy meeting, where traders see a roughly 33% chance of a quarter-point Fed rate hike on Wednesday, down from 37% at the end of last week but double the probability seen a week ago.