Euro Holds Firm on Iran Talks, Strait Reopening Hopes
The euro has held firm above $1.15 on Tuesday as traders assess developments surrounding US-Iran talks and the potential reopening of the Strait of Hormuz.
US Treasury Secretary Scott Bessent said Washington is in talks with Iran, suggesting an agreement to reopen the key shipping route could be reached by Wednesday or Thursday.
Al Arabiya reported that a high-ranking source expects an announcement on reopening the Strait shortly, which has pushed oil prices sharply lower. West Texas Intermediate (WTI) fell towards $75.50, its lowest level in three weeks.
The US dollar initially weakened before recovering some ground as the situation remains fluid.
US Secretary of State Marco Rubio said progress has been made in discussions with Iran and Oman on allowing more ships to pass through the Strait of Hormuz, but no final agreement has been reached.
JOLTS Job Openings fell to 7.359 million in June from 7.594 million, below the 7.4 million forecast.