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The U.S. dollar is weakening against its G10 peers as markets focus on rising geopolitical tensions in the Middle East and a key deadline for Iran to reopen the Strait of Hormuz, with ceasefire negotiations ongoing despite continued attacks in the region. At the same time, traders are preparing for a packed week of U.S. economic data, highlighted by Friday’s CPI report, which may reveal early inflationary impacts from the conflict. In currency markets, the Australian dollar is leading gains on expectations of further rate hikes from the Reserve Bank of Australia, while the Canadian dollar is also strengthening modestly ahead of domestic PMI data, despite recent underperformance.
