Dollar Dives as Iran Strikes Pause, Oil Prices Plummet

The US dollar experienced a decline against its major peers at the start of Asian trading on Monday due to the pause in the bombing campaign against Iran. The US temporarily halted its two-week-long strikes, which led to a drop in oil prices and boosted global investor confidence.

Against the yen, the dollar was down 0.2% at 163.585 yen, its biggest decline since July 10. Meanwhile, the euro rose by 0.2% to $1.1397 and the British pound climbed to $1.3353.

The oil price slump in early Asian trade saw Brent crude tumble 4.7% to $92.19. A senior Iranian official stated that Iran will halt its attacks as long as the US does the same, following a China-led push to resume diplomatic efforts in Pakistan.