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The U.S. dollar trimmed earlier gains on Thursday after reports emerged that Washington and Tehran had finalized a draft peace agreement aimed at easing Middle East tensions. The news influenced global forex markets, bond yields, and investor sentiment as traders monitored developments surrounding Iran’s nuclear negotiations and energy supply routes.
The U.S. Dollar Index (DXY), which tracks the greenback against six major currencies, rose earlier in the session before settling near 99.27. Investor attention shifted after Iranian media reported that a ceasefire proposal between the United States and Iran had been completed with Pakistan’s mediation. The proposed agreement reportedly includes secure navigation through the Strait of Hormuz and further diplomatic negotiations within days.
Earlier market optimism for the dollar came after reports suggested Iran planned to retain its near weapons-grade uranium, signaling a tougher stance in nuclear talks with the U.S. However, both Tehran and Washington later denied those claims, calling them inaccurate and politically motivated.
Concerns over the Strait of Hormuz also continued to support oil prices. Iran recently introduced tighter maritime controls and discussed a toll system for vessels using the critical shipping route. Since nearly 20% of global oil and gas flows through the region, supply disruptions have fueled inflation fears and increased expectations for future central bank interest rate hikes.
Meanwhile, Federal Reserve meeting minutes showed policymakers remain concerned about inflation risks tied to rising energy prices. The outlook contributed to volatility in Treasury yields and strengthened expectations for tighter monetary policy.
Economic data also remained in focus as S&P Global released flash PMI reports. U.S. manufacturing activity showed improvement, while the services sector weakened slightly due to softer demand and rising costs. In Europe, economic activity slowed sharply, with the eurozone posting its weakest business performance in over two years.
The euro slipped against the dollar, while the British pound remained mostly stable. Japan’s yen weakened slightly despite moderate expansion in private sector activity.
