14.04.202612:56:18UTC+00Dollar Falls for 7th Session

The dollar index fell to 98 on Tuesday, extending its decline for a seventh consecutive session and touching its lowest level since late February, before the onset of the Iran conflict. Market participants remain cautiously optimistic that a lasting ceasefire agreement between the US and Iran can be achieved. Although negotiations over the weekend broke down and President Donald Trump announced a blockade on Iranian oil shipments, he later signaled that Tehran had reached out and was open to renewed talks.

Prospects for a ceasefire and a potential reopening of the Strait of Hormuz pressured oil prices, easing inflation concerns and tempering expectations for aggressive Federal Reserve tightening. On the data front, US producer prices rose 0.5% in March, undershooting forecasts, while ADP data showed the economy added 39,250 jobs in the week ending March 28, marking a fourth consecutive week of solid job gains.