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Barchart
Barchart
Rich Asplund

Dollar Slips as US-Iran Peace Negotiations Progress

ECB United States Iran Isabel Schnabel ECB Executive Board Gold Inflation PBOC

The dollar index (DXY00) today is down by -0.07%. The dollar is moving lower today amid signs that peace negotiations between the US and Iran are progressing, which is curbing safe-haven demand for the dollar. Also, today's rally in the S&P 500 to a new record high has dampened liquidity demand for the dollar. In addition, today's -2% fall in crude oil prices lowers inflation expectations and may prompt the Fed to ease monetary policy, a negative factor for the dollar. The dollar recovered from its worst level after the US May consumer confidence index fell less than expected.

The US Apr Chicago Fed National Activity Index rose +0.29 to a 13-month high of 0.14, stronger than expectations of -0.03.

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