US Dollar Gains on Iran Diplomacy and Inflation Data

The United States dollar strengthened against major currencies on Wednesday as investors weighed global inflation data and remained skeptical about the potential for de-escalation in the Iran conflict. Although Tehran is currently reviewing a peace proposal delivered by Pakistan, the initial response was negative, with Iranian officials demanding sovereignty over the Strait of Hormuz. Talks could potentially proceed in either Pakistan or Turkey if both sides agree to further dialogue.