Forex News: U.S. Dollar Inches Higher Amid Delaying U.S.-Iran Deal,

U.S. Dollar Inches Higher Amid Delaying U.S.-Iran Deal, Strait Of Hormuz Blockade

(RTTNews) - The U.S. Dollar value edged higher as an agreement to find a permanent solution to the U.S.-Iran conflict still remains out-of-reach keeping the Strait of Hormuz blocked for oil transit.

The U.S. Dollar Index, DXY, which measures the Greenback against a basket of other major currencies was last seen trading at 98.95, up by 0.36 (or 0.37%) today.

Mortgage Bankers Association's data revealed that the Purchase Index increased to 177.70 on April 24 from 175.60 of the previous week.

While against the Euro, USD was trading at 1.167, up by 0.32%, against the GBP, it was trading at 1.345, up by 0.28%.

Against the USD, the Japanese Yen was trading at 160.419, down by 0.51%; the Swiss Franc was trading at 0.791, down by 0.28%; and the Canadian Dollar was trading at 1.368, up by 0.02%.

Against one unit of Australian Dollar, USD was trading at 0.712, up by 0.89%.

According to the Australian Bureau of Statistics, the Consumer Price Index increased 1.10% in March over the previous month. The CPI increased to 102.44 in March from 101.31 in February.

Since the U.S.-Israel versus Iran war began on February 28, the Strait of Hormuz remains shut, sending crude oil prices to drastically high levels.

After U.S. President Donald Trump called off the second round of peace talks with Iran, Iran submitted a peace proposal through intermediaries agreeing for immediate reopening of the Strait of Hormuz but to have the discussions on Iran's nuclear programs at a later date which was rejected by Trump.

A naval blockade enforced by the U.S. on Iranian ports has already caused extensive damages to Iran's economy.

Yesterday, the Gulf Cooperation Council condemned Iran's attack on its regional allies and pressured Iran to take serious steps quickly to regain trust in the neighborhood.

Through a Truth Social message, asking Iran to get its act together, Trump urged Iran to act fast.

Reports from Axios indicate that Trump has asked top executives from global oil majors that the U.S. could extend its naval blockade on Iran for much longer time and discussed with them the steps needed to minimize the impact on the U.S. consumers.

Trump finds the "blockade" more effective than "bombing" and is steadfast to stop Iran from having any nuclear weapon anymore.

Under pressure from the U.S. and its neighbors, Iran is preparing a revised plan to submit to the U.S.

Elsewhere in the Middle East, despite a ceasefire between Israel and Lebanon brought about U.S. mediation, Israel continued striking Hezbollah targets in southern Lebanon.

Concerns of deeper escalation in the Arab neighborhood catapulted oil prices and the U.S. Dollar Index moved higher, driven by inflation concerns.

WTI crude oil for June month delivery was last seen trading at $108.06 per barrel, up by $8.13 (or 8.14%) after hitting $108.49 per barrel, a 52-week high, and receding later.

Along the expected lines, at the conclusion of its two-day meet which began yesterday, U.S. Federal Reserve held interest rates at the current 3.50% to 3.75% range. Of note, this is likely the last meet for Jerome Powell whose term ends by this month-end.

Kevin Warsh, U.S. President Donald Trump's pick to lead the Federal Reserve, cleared a key procedural hurdle on Wednesday, opening the way for him to succeed Jerome Powell in the coming weeks.

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