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DXY lingers under 98 mark amid increasing prospects of truce between US and Iran
(07-May-26 13:15)
The dollar index continues to linger under 98 mark for the second consecutive day as safe haven demand wanes amid improving prospects of a near term peace deal between US and Iran. Optimism surrounding a potential US-Iran agreement triggered a sharp drop in oil prices, easing inflation concerns, and reducing expectations for a prolonged hawkish Fed. Media reports indicate that the US submitted a one-page memorandum of understanding to Iran that would gradually reopen the Strait of Hormuz and ease the American blockade on Iranian ports. The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is remaining steady after posting nearly 0.5% losses in the previous day and trading around 97.98 during the Asian hours on Thursday.
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