US Dollar Retreats from Peak as Oil Prices Continue to Fall

The US dollar has retreated from its recent peak as oil prices continue to decline. The greenback had reached a seven-week high after the Federal Reserve raised interest rates and reaffirmed its commitment to curbing inflation. However, energy prices have extended their fall on diminishing fears of supply disruptions.

Analyst Michael Pfister warns that the greatest danger for the US dollar lies in President Donald Trump's continued pressure on the Federal Reserve. If the president increases his pressure on the Fed again, it could lead to renewed doubts about the central bank's independence.

The euro has risen 0.10% to $1.1475, its highest point in seven weeks. The dollar index, which measures the greenback against a basket of currencies, was last down 0.10% to 100.20. Sterling dropped slightly against the euro and the dollar after the Bank of England held rates unchanged.