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- The US Dollar clings to Monday’s losses on US-Iran permanent ceasefire optimism.
- US VP Vance called negotiations with Iran “productive”.
- Traders do not see the Fed hiking interest rates this year amid US-Iran optimism.
The US Dollar (USD) holds onto its Monday’s losses amid optimism that the United States (US) and Iran are still in favor of a permanent ceasefire despite the absence of a breakthrough in the first round of talks in Pakistan during the weekend.
As of writing, the US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades flat near 99.37, which is the lowest level seen in over six weeks.
Earlier in the day, US Vice President (VP) JD Vance stated in an interview with Fox News that the meeting with Iranian delegates was not a complete failure, but was “productive”, as his team gained “valuable insight into Iran’s negotiating approach”. Vance expressed confidence in a potential second round of negotiations, stating,” Momentum has been established, with the ball in Iran’s court to advance negotiations further.”
Meanwhile, a report from CNN has also stated that officials from Washington are internally discussing details for a potential second, in-person meeting with Iranian officials before a ceasefire expires on April 21.
On the domestic front, traders have completely priced out the possibility of an interest rate hike by the Federal Reserve (Fed), following the decline in the oil price amid US-Iran optimism, have also weighed on the US Dollar.
In Tuesday’s session, investors will focus on the US Producer Price Index (PPI) data for March, which will be published at 12:30 GMT.
