Eco
The dollar regained its footing in early Friday trading, recovering from a week-low, as traders assessed reports indicating a potential agreement to halt the conflict in the Middle East in the near future. The American currency rose 0.1% to 160.07 yen. Conversely, the Australian dollar fell 0.1% to $0.7045, and its New Zealand counterpart also dropped by 0.1% to $0.5830. Meanwhile, the Euro reached $1.1576 in recent dealings, nearing a weekly high, following the European Central Bank's first interest rate hike in three years on Thursday. The British pound remained stable at $1.3414. Analysts at Westpac noted in a client memo that market trends shifted late in the U.S. session after President Trump canceled planned attacks on Iran, suggesting the possibility of an agreement being signed over the weekend. Concurrently, Brent crude oil prices declined by 1.6% to $88.94 per barrel as trading resumed in Asia, following President Donald Trump's statements on Thursday about a potential peace deal between the United States and Iran, which could reopen the Strait of Hormuz for maritime navigation. However, Iran responded by asserting that no final decision had been reached regarding the agreement.
