Euro Soars on Oil Price Plunge as Tensions Ease in Middle East

The euro rose against the US dollar in New York foreign exchange trading on July 28th, settling at 1.1387 and representing a gain of roughly 0.0018 from the previous day's close. This reversal was fueled by a sharp decline in crude oil futures driven by easing tensions in the Middle East.

The sudden drop in oil prices, which briefly traded around $77.78 per barrel, followed President Trump's suggestion that 'a deal with Iran is very possible.' This hint at progress toward peace negotiations led to a reversal of safe-haven dollar buying.

The pair touched 1.1405 during the session but was unable to break through the previous day's high of 1.1418, which served as near-term resistance and caused the euro to pare its gains.