Dollar hits 10-day low as US and Iran reach deal

The US dollar has touched a 10-day low against its major peers as a preliminary agreement to end the war between the US and Iran sends oil prices tumbling and boosts demand for riskier assets.

The memorandum of understanding is scheduled to be officially signed on Friday in Switzerland, but caution still lingers as markets await more details and as the fate of Iran’s nuclear program is left for further negotiations.

Oil prices slump, with Brent crude futures down more than 4% to $83.82, while the safe-haven dollar eases on receding geopolitical tensions and inflation concerns.

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