Forex News: U.S. Dollar Ticks Higher As Crude Oil Plunges

U.S. Dollar Ticks Higher As Crude Oil Plunges Amid Rising Optimism On A U.S.-Iran Deal

(RTTNews) - The U.S. Dollar value inched higher amid a fall in crude oil prices due to increasing expectations of a U.S.-Iran peace deal despite U.S. President Donald Trump continuing to demonstrate a hard stance.

The U.S. Dollar Index, DXY, which measures the Greenback against a basket of other major currencies was last seen trading at 99.22, up by 0.12 (or 0.12%) today.

On the economic front, the Mortgage Bankers Association of America revealed that the Purchase Index in the U.S. decreased to 169.70 in May 22 from 170.40 in the previous week.

Data released by the Automatic Data Processing Inc. today revealed that private employers added an average of 35,750 jobs per week in the four weeks to May 9 down from a revised 40,750 in the prior period.

While against the Euro, USD was trading at 1.163, down by 0.01%, against the GBP, it was trading at 1.343, up by 0.11%.

Against the USD, the Japanese Yen was trading at 159.527, down by 0.15%; the Swiss Franc was trading at 0.787, down by 0.16%; and the Canadian Dollar was trading at 1.384, down by 0.17%.

Against one unit of Australian Dollar, USD was trading at 0.714, up by 0.34%.

According to the Australian Bureau of Statistics, consumer prices rose 0.40% month-on-month in April, slowing sharply from a seven-month high gain of 1.10% in March.

The annual inflation rate eased to 4.20% in April from 4.60% in March, below expectations of a slowdown to 4.40%.

The Consumer Price Index increased to 102.80 in April from 102.44 in March.

Today, the U.S.-Iran war entered day number 89 while the ceasefire announced in early April still holds.

Efforts by Iran to strike a deal with the U.S. are moving at an increasing pace.

On Tuesday, U.S. forces conducted air strikes on Iranian boats attempting to lay mines across the Strait of Hormuz and missile-launching sites near the port city of Bandar Abbas in Iran.

Though Iran accused the U.S. of violating the ceasefire, steps to formulate a peace deal continues without a pause.

A negotiation team from Iran arrived in Qatar on Tuesday for a two-day visit to discuss sensitive issues blocking an agreement with the U.S.

Meanwhile, Iran's state media broadcasted that it had a draft Memorandum of Understanding which if signed would push Iran to clear sea mines across the Strait of Hormuz in 30 days to allow for safe and toll-free commercial shipping and added that the shipping route would be maintained jointly by Oman and Iran.

In exchange, according to the report, the U.S. would lift its naval blockade on Iranian ports and sanctions on Iran.

Within hours, the White House disputed this report, calling it untrue and terming the MoU a complete fabrication.

In a short, telephonic interview with PBS News, U.S. President Donald Trump today asserted that Iran would not get any sanctions relief in exchange for giving up its highly enriched uranium.

Speaking to reporters at White House, Trump reaffirmed that Iran wants a deal soon though it is yet to come up with a satisfying offer, but he expected they would soon finalize a deal.

Yesterday, U.S. Secretary of State Marco Rubio stated that a final agreement may take a few more days since a lot of talking back and forth between the two countries are involved.

Rubio also stated that the Strait of Hormuz will reopen one way or other, calling its prolonged closure "unacceptable".

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