Forex News: U.S. Dollar Slips As Easing Crude Oil Prices

U.S. Dollar Slips As Easing Crude Oil Prices Lower Fed Rate Hike Expectations

(RTTNews) - The U.S. Dollar value ticked lower amid easing inflationary pressures and the softening of crude oil prices due to the ongoing halt in the U.S.-Iran exchange of attacks which restricted the chances of a rate hike in 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 101.41, down by 0.11 (or 0.11%) today.

Today in the U.S., the data released by the Automatic Data Processing revealed that the weekly employment change decreased to 15,000 in July from 16,500 of the previous week.

The U.S. Conference Board's Consumer Confidence Index recedes to 90.80 from June's 92.20

While against the Euro, the USD was trading at 1.139, down by 0.18%, against the GBP, the USD was trading at 1.329, up by 0.01%.

Against the USD, the Japanese Yen was trading at 163.853, down by 0.08%, the Swiss Franc was trading at 0.819, down by 0.11%; and the Canadian Dollar was trading at 1.411, up by 0.12%.

Against one unit of Australian Dollar, the USD was trading at 0.697, up by 0.21%.

The Middle East crisis which erupted after the U.S.-Israeli forces attacked Iran on February 28 is set to enter its sixth month.

The June 17 Memorandum of Understanding signed between both the nations became inoperative after both sides violated the agreement and recommenced attacks on each other.

Last Friday, U.S. President Donald Trump threatened to conduct a massive strike on Iran on a scale never seen before. However, hours later, Trump ordered the U.S. military to halt the attacks.

In an interview with Axios, Trump stated that he paused the attacks as he wanted to give diplomacy another chance.

Trump claimed that Iran requested for restarting the dialogue process and admitted that the U.S. and Iran were involved in negotiations and sounded optimistic that something positive could happen.

However, Iran denied approaching the U.S. for talks and disagreed on any ongoing talks with the U.S.

Iran stated that it is in consultations with Oman and Saudi Arabia to discuss the regional security and the management of the Strait of Hormuz.

Despite the contradictory messages, investors remained optimistic that the conflict could end soon through diplomatic measures and the U.S. stock markets responded positively.

Market participants are awaiting the decision on interest rates by the U.S. Federal Reserve at the conclusion of its two-day meeting (which began today) on Wednesday.

Currently, investors are betting on a 31.50% chance of a quarter-basis-point interest rate-hike in the ongoing meeting of the U.S. Federal Reserve while the odds on rates being held at the current level stand at 68.50%, according to the CME Group's FedWatch Tool.

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