Dollar index slumped to an over two week low on Wednesday morning in Asia after US and Iran agreed to a two-week ceasefire that improved investor sentiments and send the safe haven currency tumbling lower. US President Donald Trump said he has agreed to a proposed two-week ceasefire between the US and Iran if shipping traffic is allowed to move through the Strait of Hormuz. This comes following Trumps warning Iran that he could target important infrastructure like power plants and bridges if Tehran did not agree to his demands, which include reopening the Strait of Hormuz. The dollar index that measures the greenback against a basket of currencies is quoting down around 1% at 98.69. Basket currencies GBP/USD and EUR/USD are both seen surging around 1% amid dollar slide. Going forward in the global day, the Federal Open Market Committee (FOMC) Minutes will be in the spotlight.
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First Published: Apr 08 2026 | 11:16 AM IST
