Forex News: U.S. Dollar Ends Nearly Flat As Project Freedom

U.S. Dollar Ends Nearly Flat As Project Freedom Progresses Despite US-Iran Standoff

(RTTNews) - The U.S. Dollar value changed a little as the U.S. initiative to free up the blocked traffic in the Strait of Hormuz due to the U.S.-Iran war moves to the second day while the U.S. and Iran

The U.S. Dollar Index, DXY, which measures the Greenback against a basket of other major currencies was last seen trading at 98.48, up by 0.02 (or 0.02%) today.

The S&P Global US Composite Purchasing Managers' Index was revised down to 51.70 in April from a preliminary 52.00 yet still improved from March's 50.30.

Services PMI rose to 51.00 in April from the three-year low of 49.80 in the previous month, revised slightly downward from the flash estimate of 51.30.

Data from U.S. Bureau of Labor Statistics revealed that the number of job quits rose to 3.171 million in March from the upwardly revised 3.046 million in February.

While against the Euro, USD was trading at 1.170, down by 0.06%, against the GBP, it was trading at 1.354, down by 0.08%.

Against the USD, the Japanese Yen was trading at 157.880, down by 0.42%; the Swiss Franc was trading at 0.783, up by 0.11%.

The Canadian Dollar was trading at 1.362, up by 0.02%.

The S&P Global Canada Composite Purchasing Managers' Index rose to 49.90 in April from 47.60 in March, nearing the neutral 50 threshold and signaling a stabilization in business activity.

The S&P Global Services PMI rose to 49.20 in April from 47.20 in March but remained below the 50.00 threshold for the sixth straight month.

Against one unit of Australian Dollar, USD was trading at 0.718, down by 0.24%.

The S&P Global Australia Composite PMI rose to 50.40 in April, better than initial estimates of 50.10.

The Services PMI Business Activity Index was revised slightly higher to 50.70 in April from 50.30 in the preliminary estimate.

Citing inflationary pressures, the Reserve Bank of Australia delivered its third, rate hike for this year, pushing the cash rate to 4.35%.

U.S. President Donald Trump commenced an initiative termed "Project Freedom" to ensure safe travel of the tankers stranded in the Strait of Hormuz belonging to nations not involved in the war.

To aid in this operation, the U.S. Central Command deployed guided-missile destroyers, around 100 aircrafts, and nearly 15,000 service personnel to aid this operation.

Since the program kicked off, two U.S.-flagged vessels were escorted out of the strait with Maersk (Denmark's shipping giant) confirming that one of its U.S.-flagged vessels was able to exit without any harm to the crew.

During a Pentagon meeting, U.S. Defense Secretary Pete Hegseth stressed that the ceasefire going on between the U.S. and Iran has not ended.

Oil prices eased as the news of two vessels sailing smooth out of the strait boosted investor confidence and reduced concerns of war-threat.

With inflationary concerns reducing, U.S. Dollar Index value moved lower today.

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