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    • Dollar Retreats Amid Hopes for US-Iran Peace Agreement

    By on May 21, 2026
    Dollars
    Dollars

    Tokyo:  The US dollar traded below a six-week high today after retreating amid growing optimism that the United States may be nearing an agreement with Iran to end the ongoing war.

    The dollar, traditionally considered a safe-haven currency, declined against the Japanese yen for the first time in eight sessions yesterday and extended losses in early trading today to 158.905 yen.

    The movement pushed the Japanese currency further away from the 160-yen level, which traders and analysts consider a possible threshold for intervention by Japanese authorities.

    The euro steadied at $1.1626 after falling in the previous session to its lowest level since 7 April 2026 at $1.1583 before recovering.

    The dollar index, which measures the performance of the US currency against the euro, yen and four other major currencies, stood at 99.128 after reaching 99.472, its strongest level since 7 April 2026.

    The Australian dollar slipped by 0.1 percent to $0.7147 ahead of the release of local employment data later today, while the British pound remained largely unchanged at $1.3430.

    Bitcoin traded steady at around $77,650.

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