Dollar Holds Steady Amid Oil Volatility and Trade War Uncertainty

The US dollar has maintained its stability against major currencies, despite some fluctuations. If it weren't for Norway's krone declining by nearly 0.3% due to a steep drop in Brent oil prices, most G10 currencies would have seen minimal changes today.

However, the Canadian dollar continues to feel the pressure of an extended trade war with the US, leading to its decline. The greenback has reached a four-day high against the Japanese yen, near JPY159.50, despite falling US yields and a slight increase in long-end Japanese government bonds.

China has formally rejected the unilateral sanctions announced by the US on Iran, which is likely to impact global oil markets. Brent oil prices have extended their pullback, with the price of Brent crude declining more than 2% for the second consecutive day.