The dollar index slipped to around 99 on Monday, pulling back from six-week highs as growing optimism over a potential US-Iran agreement that could reopen the Strait of Hormuz eased concerns about inflation and interest rate hikes. Still, President Donald Trump said Washington would keep its blockade of the strait in place until a formal agreement is reached, adding that he would not “rush” into a deal. The dollar had climbed to its highest level in six weeks last week as investors increasingly bet that the Federal Reserve may need to tighten monetary policy to contain inflation, with traders fully pricing in a rate hike by the end of the year. However, the prospect of a US-Iran deal and the potential reopening of Hormuz have led to lower oil prices, allaying inflation concerns. Investors are now focused on upcoming PCE inflation data for further clues on the Fed’s policy outlook. Trading activity is also expected to remain subdued with US markets closed for a public holiday.

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