Dollar drops on ceasefire relief, weakens against euro, pound

At around 8:10 am (0610 GMT), the dollar was trading at 1.17 against the euro, representing a decline of approximately 1.1 per cent. Against the British pound, the dollar fell by about 0.9 per cent to $1.34, reflecting a wider shift in investor sentiment.

Ceasefire eases market tensions

The decline occurs as investors respond positively to news of a temporary ceasefire between the United States and Iran, leading to decreased demand for the dollar, which is typically viewed as a safe-haven asset during times of geopolitical uncertainty.