Forex News: U.S. Dollar Rises Amid US-Iran Ceasefire Deal Uncertainty

U.S. Dollar Rises Amid US-Iran Ceasefire Deal Uncertainty

(RTTNews) - The U.S. dollar strengthened against other major currencies in the Asian session on Monday, as traders remain optimistic about a permanent end to the Middle East war despite some pricking points on discussions to reach a potential deal to end the war and the opening of the Strait of Hormuz.

In an effort to put an end to the conflict that started earlier this year, U.S. President Donald Trump asked on Monday that changes be made to the US-Iran agreement. The removal of highly enriched uranium and the Strait of Hormuz are related to the developments.

According to some media reports, Iranian Foreign Minister Abbas Araghchi stated on Sunday that discussions and message exchanges with Washington were continuing, but he emphasized that no evaluation of the negotiations could be made until a definitive conclusion was reached.

Crude oil prices tumbled Friday on expectations of the U.S. and Iran signing an agreement, which would allow for the immediate reopening of the Strait of Hormuz and pave the way for the resumption of oil and energy trade. West Texas Intermediate crude for July delivery was down $1.65 or 1.86 percent at $87.25 per barrel.

Later on, the U.S. ISM Manufacturing Purchasing Managers Index (PMI) report will be released.

In the Asian trading today, the U.S. dollar rise to a 4-day high of 159.50 against the yen, from Friday's closing value of 159.27. The greenback may test resistance around the 161.00 region.

Against the Swiss franc, the euro and the pound, the greenback edged up to 0.7834, 1.1641 and 1.3446 from last week's closing quotes of 0.7812, 1.1660 and 1.3461, respectively. If the greenback extends its uptrend, it is likely to find resistance around 0.79 against the franc, 1.15 against the euro and 1.33 against the pound.

Against Australia, the New Zealand and the Canadian dollars, the greenback edged up to 0.7177, 0.5965 and 1.3814 from last week's closing quotes of 0.7184, 0.5989 and 1.3796, respectively. The greenback may test resistance around 0.73 against the aussie, 0.57 against the kiwi and 1.39 against the loonie.

Looking ahead, U.S. and Canada S&P Global manufacturing PMI reports for May, U.S. ISM manufacturing PMI for May and construction spending for April are slated for release in the New York session.

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