United States Dollar Index bounces back amid US-Iran ceasefire uncertainty
The US Dollar (USD) claws back its slight early losses and edges higher during the European trading session amid intensifying fears that the ceasefire between the United States (US) and Iran, announced on April 8, could collapse due to the exchange of attacks in the last few days.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, turns positive at around 100.10.
On Wednesday, the US Central Command (CENTCOM) conducted military operations against Iran again, in retaliation for Tehran’s attack on a US Apache helicopter patrolling over the Strait of Hormuz earlier this week.
In response, Iran’s Foreign Ministry has condemned US attacks, calling the ceasefire “practically meaningless.
Meanwhile, a report from CNN has stated that negotiations between the US and Iran towards a permanent peace deal are still going on.
On the domestic front, soft US monthly Consumer Price Index (CPI) data, released on Wednesday, weighed slightly on the US Dollar. The report showed that monthly headline and core CPI grew at a moderate pace of 0.5% and 0.2%, respectively.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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