Dollar slips as Iran proposal sends oil lower
The US dollar retreated from a two-month high after oil prices dropped following an Iranian proposal to reopen the Strait of Hormuz. The decline eased inflation concerns and shifted expectations for US interest rates.
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The dollar whipsawed during Tuesday morning trade, falling 0.12% against the yen after Iran offered to reopen the Strait of Hormuz. The sudden currency shift followed a drop in oil prices triggered by the diplomatic proposal.
