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Dollar holds below 100 as WTI drops on Iran talk hopes

WTI slid about 7.4% to around $78 a barrel, while the DXY rose roughly 0.1% to near 99.90 amid a stronger July ISM data.

Reported · Written up by our desk · Major Pairs

Oil prices fell sharply on Monday as expectations grew that US and Iran discussions will resume soon. US President Donald Trump said conversations are underway after Tehran indicated it has no plans for direct negotiations, a development that weighed on crude as global risk signals shifted.

In currency markets, the US Dollar Index rose about 0.1% to trade near 99.90, keeping the index just below the 100.00 threshold. EUR/USD eased roughly 0.2% to around 1.1510 as firmer US Treasury yields followed a strong ISM print, while GBP/USD fell about 0.4% to near 1.3430.

The report also highlighted July US manufacturing momentum, with the ISM Manufacturing Purchasing Managers Index rising to 55.6 from 53.3 and New Orders improving to 56.7. Even with some moderation, the Prices Paid component eased to 71.1 from 73, indicating cost pressures remain elevated.

Other major pairs saw declines as well, with USD/JPY down around 0.4% to about 156.90 and AUD/USD sliding roughly 0.5% to near 0.6990. FXStreet noted that investors appear reluctant to rebuild Yen-short positioning, and WTI was down about 7.4% to roughly $78 per barrel.

Latest closeWTI crude $80.00 ▼5.5%|EUR/USD 1.151 ▼0.1%|USD/JPY 157.38 ▼1.8%

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