Dollar Slumps as US Pauses Strikes, Oil Prices Plummet

The US dollar saw a decline against major peers on Monday as the US paused its bombing campaign in Iran, leading to a drop in oil prices and boosting global investor confidence.

The dollar index slipped 0.25% to 101.23 at the start of a week packed with central bank meetings, including that of the Federal Reserve.

Brent crude tumbled 4.7% to $92.19 after the US military temporarily halted its two-week long strikes.

A senior Iranian official told Reuters on Sunday that Iran will halt its own attacks as long as the US does the same, following a China-led push to resume stalled diplomatic efforts in Pakistan to end the war.