The Euro rises 0.37% against the Dollar as ceasefire talks between the US and Iran weigh on the Greenback and crude prices.
The Euro climbed 0.37% to 1.1645 against the US Dollar on Monday, driven by optimism over a potential 60-day ceasefire extension between the US and Iran. Traders anticipate a deal within days, followed by nuclear negotiations, pressuring the Dollar and lifting risk assets.
The US Dollar Index (DXY) fell 0.33% to 98.99, reversing last week’s flat close. West Texas Intermediate (WTI) crude plunged 5.5% to $91.66 per barrel, further weakening the Greenback due to the Euro’s inverse correlation with oil. US equity futures rose, reflecting improved sentiment.
With markets closed for holidays in the Eurozone and US, ECB policymakers signaled potential rate hikes if inflation overshoots targets. German business sentiment improved slightly, though the outlook remains weak.