US dollar faces 7th loss amid Iran talks, cooler PPI
The US dollar was poised for a seventh straight day of losses, mainly because hopes are rising for peace talks between the US and Iran and the dollar extended declines after US Producer Price Index data came in cooler than expected.
President Trump hinted at possible negotiations happening in Pakistan, which has brightened market mood after earlier failed talks and port blockades.
Market experts say even the possibility of a symbolic agreement is shaking up currency trends.
US crude drops to $92
The buzz about peace talks didn't just hit the dollar. Oil prices took a dive too, with US crude dropping over 7% to $92 per barrel.
Meanwhile, weaker-than-expected inflation data suggests price pressures might be cooling off.
Chicago Federal Reserve President Austan Goolsbee says future interest rate cuts could wait until 2027 if oil prices stay high, showing how global events can ripple through everything from gas pumps to your bank account.