Slowing US inflation reduced expectations the Federal Reserve will hike interest rates later this month hit the value of the dollar — Michael M. Santiago
The dollar slid Tuesday after a drop in US inflation dented expectations of an interest rate hike later this month.
Oil prices had jumped sharply on fresh Iran-US strikes, with two ships struck overnight near the Strait of Hormuz.
But those gains faded during the day, with US President Donald Trump reversing course on plans to impose a 20-percent levy on ships transiting the key waterway.
The spike in oil prices over recent days had renewed concerns about renewed inflation and the need for the US Federal Reserve to hike interest rates.
