Forex News: U.S. Dollar Inches Higher Amid Ongoing Strait Of

U.S. Dollar Inches Higher Amid Ongoing Strait Of Hormuz Crisis, U.S.-Iran Standoff

(RTTNews) - The U.S. Dollar value edged higher after the U.S. halted its planned attacks on Iran for today to facilitate negotiations. However, escalation concerns renewed after U.S. President Donald Trump stressed that strikes could restart anytime in the coming days if Iran is unable to strike a deal with the U.S.

The U.S. Dollar Index, DXY, which measures the Greenback against a basket of other major currencies was last seen trading at 99.31, up by 0.32 (or 0.32%) today.

While against the Euro, USD was trading at 1.160, up by 0.42%.

Against the GBP, USD was trading at 1.340, up by 0.22%. According to the Office for National Statistics, the U.K. unemployment rate rose to 5.00% in the three months to March 2026.

Against the USD, the Japanese Yen was trading at 159.081, down by 0.19%. Cabinet Office data showed that Japan's Gross Domestic Product grew 0.50% quarter on quarter in Q1 2026, topping market forecasts of 0.40%, flash data showed. Japan's economy advanced at an annualized pace of 2.10% in Q1 2026, exceeding market expectations of 1.70%, a preliminary reading showed.

Against the USD, the Swiss Franc was trading at 0.788, down by 0.59%.

Against the USD, the Canadian Dollar was trading at 1.375, down by 0.07%. Data released by Statistics Canada today revealed that year-on-year inflation rate year in April rose to 2.80% from 2.40% of the previous month. On a month-on-month basis, consumer prices increased 0.40% from the earlier month. Annual core inflation rate, (which excludes eight of the most volatile components) eased to 2.10% in April from 2.50% of the prior month, and on a month-on-month basis, it rose by 0.20% in April.

Against one unit of Australian Dollar, USD was trading at 0.711, up by 0.84%.

The U.S.-Israel versus Iran war which began on February 28, entered day number 81 today.

Despite a ceasefire announced by U.S. President Donald Trump early in April on all attacks on Iran to promote negotiations, both sides disagreed on each other's peace proposals, leading to an impasse.

As a result, the Strait of Hormuz which was closed by Iran since the beginning of the war continues to remain shut.

Through a series of posts through Truth Social, Trump stepped up pressure on Iran to strike a deal to avert a war.

On Saturday, Trump sent a message captioning "the calm before the storm" with a photo of himself attached with warships behind him. Later he posted an image of the Middle East region, draped in the U.S. flag with multiple red arrows converging towards Iran, indicating an all-round attack on Iran.

On Sunday, Trump warned that the clock was ticking for Iran, asking them to get moving fast, failing which there would be nothing left of the country.

Yesterday, Trump messaged that at the request of leaders of Qatar, Saudi Arabia, and the United Arab Emirates, he called off a planned military attack on Iran scheduled for today by U.S. Military.

Stressing that any deal would deprive Iran of nuclear weapons, Trump added that serious negotiations are ongoing which will yield an acceptable solution for the U.S. However, Trump reaffirmed that U.S. forces are ready to begin a large-scale assault on Iran at a moment's notice if a favorable deal is not made.

Later, Bloomberg quoted Trump as saying Iran should be hit again which could happen anytime in the next coming days if the regime delays to sign an agreement.

Bloomberg also reported that the North Atlantic Treaty Organization is discussing the possibility of aiding ships pass through the blocked Strait of Hormuz if the waterway is not reopened by early July.

Investors observed the negotiations with cautious optimism and stayed away from risky moves while the Strait of Hormuz blockade continues disabling the gulf oil and energy trade, pushing oil prices and inflationary concerns higher.

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