US Dollar Falls as Iran Strike Pause Sends Oil Prices Tumbling

The US dollar fell against its major peers in Asian trading on Monday after the US paused its bombing campaign in Iran, leading to a drop in oil prices and increased global investor confidence.

Oil prices plummeted by 4.2% to $92.74 per barrel as Brent crude tumbled following the US military's decision to temporarily halt its two-week-long strikes against Iran.

The dollar weakened against the yen, falling 0.2% to 163.585 yen, while the euro and British pound rose by 0.3% and 0.2%, respectively.

A senior Iranian official stated that Iran would 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.