The Euro rises 0.12% against the Dollar as Middle East tensions ease and a potential US-Iran agreement pressures crude prices.
The EUR/USD pair climbed 0.12% to 1.1664 as the US Dollar Index (DXY) fell 0.17% to 98.81. Sentiment improved after reports of a pending US-Iran deal, which could reopen the Strait of Hormuz and reduce oil supply risks.
Oil prices dropped 1.50%, with WTI nearing $87.20, while the Dollar weakened against major currencies. The Chicago PMI also exceeded expectations, rising to 62.7 from a forecast of 49.7, signaling economic resilience.
Fed Governor Michelle Bowman noted that disinflation has stalled, hinting at potential policy shifts if inflation pressures persist due to geopolitical factors.