The markets are increasingly optimistic about the prospect of a permanent reduction in US tariffs after the end of the 90-day moratorium, Commerzbank's Head of FX and Commodity Research Thu Lan Nguyen notes.
Markets are materially scaling back geopolitical risk as President Trump declared that a ceasefire between Iran and Israel is in place following measured retaliatory strikes on US positions in Qatar yesterday.
The US Dollar Index (DXY), an index of the value of the US Dollar (USD) measured against a basket of six world currencies, loses ground to near 98.25 after US President Donald Trump announced the Israel-Iran ceasefire.