finance
Euro Falls to One-Year Low and Oil Prices Drop After U.S.-Iran Ceasefire
The euro traded at $1.135 against the dollar on Wednesday, down from $1.165 before the April 8 conditional ceasefire. Oil prices have fallen sharply following a provisional agreement to restore flows through the Strait of Hormuz.
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The euro reached a one-year low of $1.135 against the U.S. dollar on Wednesday. The currency had traded at $1.165 before the United States and Iran agreed to a conditional ceasefire on April 8. OilPrice.com reported that a provisional peace agreement to restore oil flows through the Strait of Hormuz has cooled global energy markets.
Brent crude for August delivery stood at $74.76 per barrel at 8:50 a.m. ET on Wednesday, down from approximately $115 per barrel in May. The comparable WTI contract traded at $71.02 per barrel. OilPrice.com reported that the collapse in prices has eased inflationary pressures that prompted the European Central Bank to raise interest rates by 25 basis points earlier this month.
Fresh June Purchasing Managers' Index data showed Eurozone business activity contracted for a third consecutive month. The U.S. dollar index rose to 101.45, about 4 percent higher than one year earlier, OilPrice.com reported.
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