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US Iran deal hopes fade as dollar holds just under 100
WTI jumped nearly 7% on Monday, lifting inflation concerns as the US Dollar Index recovered modestly and stayed slightly below 100.0 early Tuesday.
FXStreet’s Tuesday market wrap links a weaker mood to renewed uncertainty around Middle East diplomacy, noting that headlines tied to US Iran deal prospects did not bring optimism.
The report says crude oil rebounded sharply, with West Texas Intermediate up nearly 7% on Monday and trading near $82.50 at the time of writing, while the US Dollar Index recovered modestly after earlier large losses and was slightly below the 100.0 level early Tuesday.
On the currency front, FXStreet reports that the Reserve Bank of Australia left its Official Cash Rate unchanged at 4.35%, with the bank reiterating that inflation is still too high and that it would raise rates if needed. The AUD/USD reaction was muted, with the pair last seen around 0.7050.
EUR/USD remained on the back foot below 1.1550, and GBP/USD pulled away from about 1.3530 before moving sideways around 1.3500 in the European morning.
Latest closeWTI crude $82.30 ▲5.3%|EUR/USD 1.155 ▲0.2%|GBP/USD 1.351 ▲0.4%