Forex News: U.S. Dollar Ticks Higher As Iran Asserts Its

U.S. Dollar Ticks Higher As Iran Asserts Its Control Over Strait Of Hormuz

(RTTNews) - The U.S. Dollar value advanced amid mixed reports indicating Iran attempting to assert control over the Strait of Hormuz while reviewing the U.S. memorandum to end the war.

The U.S. Dollar Index, DXY, which measures the Greenback against a basket of other major currencies was last seen trading at 98.23, up by 0.19 (or 0.19%) today.

On the economic front, data released by the U.S. Department of Labor today revealed that unemployment benefit claims increased by 10,000 from previous week, which tied for the lowest since 1969, to 200,000 in the last week of April.

Continuing jobless claims declined to 1,766,000 for the week ending April 25.

Challenger, Gray and Christmas data revealed that private employers in the U.S. have slashed 83,387 jobs in April, the most in three months, compared to 60,620.

While against the Euro, USD was trading at 1.173, up by 0.13%, against the GBP, it was trading at 1.356, up by 0.23%.

Against the USD, the Japanese Yen was trading at 156.868, down by 0.34%; the Swiss Franc was trading at 0.780, down by 0.18%; and the Canadian Dollar was trading at 1.365, down by 0.14%.

Against one unit of Australian Dollar, USD was trading at 0.722, up by 0.26%.

Australian Bureau of Statistics revealed that the nation posted a goods trade deficit of AUD 1.84 billion in March.

The Middle East war between the U.S.-Israel forces against Iran which began on February 28 entered day number 69.

Since the conflict started, Iran shut the Strait of Hormuz and crippled oil and energy tanker movements across the waterway.

After announcing a ceasefire, U.S. President Donald Trump enforced a blockade on all ships traveling to and from Iranian ports.

The dual blockade had shut vessels loaded with oil and energy from moving out of the Hormuz strait and the resultant disruption sent crude oil prices through the roof.

On Monday, Trump started an initiative to free up the movement of stranded ships in the region with U.S. Navy's guidance but paused the program within 36 hours, stating that the peace talks were going on very well.

Yesterday, Axios reported that Iran was reviewing a one-page Memorandum of Understanding from the U.S. containing 14 crucial points aimed at halting the war and reopen the strait immediately and arrive at a framework for future discussions over the next 30-day period.

Trump cautioned that if Iran fails to strike a deal, U.S. may restart bombing Iran.

With output-and-supply disruption concerns diminishing, oil prices earlier plunged heavily.

Meanwhile, citing sources from Lloyds List and studying the related documents, CNN reported today that Iran has laid out fresh rules for vessels attempting to move across the Strait of Hormuz in a bit to compel all shippers to comply with Iran's protocol or face attacks.

The proposed plan enlisted in a documented entitled "Vessel Information Declaration" is issued by the recently created Persian Gulf Strait Authority of Iran.

The PGSA document consists of more than 40 questions for shippers to fill up.

Details on whether Iran would charge a fee from ships is unclear at this stage.

Yesterday, through social media app Telegram, Iran's Supreme Leader Mojtaba Khamenei called for a new regional order under a strong Iran.

These moves, seen as Iran's attempt to exert its control over the Hormuz, have renewed concerns of escalation in the Middle East even though Trump remarked yesterday that the U.S.-Iran war would end quickly.

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