Dollar Rises Amid Ongoing Tensions in Iran

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On April 23, the dollar rose as signs of ongoing tensions in Iran boosted oil prices and supported demand for safe-haven assets. Iran attacked three ships in the critical Strait of Hormuz, escorting two of them into Iranian waters. However, White House Press Secretary Karine Jean-Pierre stated that these attacks do not constitute a violation of the ceasefire agreement. Mediators are attempting to get the diplomatic process back on track, with a meeting between the U.S. and Iran possibly taking place as soon as Friday. The DXY dollar index rose 0.1% to 98.643, after previously reaching a one-week high of 98.737 overnight.

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