Dollar struggles for traction as markets weigh Iran san | Market Intelligence API | Briefly NewsStream
Business RecorderPKfxImpact 57.66
Dollar struggles for traction as markets weigh Iran sanctions, Treasury buybacks
HONG KONG: The US dollar struggled to hold onto gains against major peers on Tuesday, as investors parsed Washington’s expanded Iran-related sanctions and renewed efforts to ease pressure on longer-dated Treasury yields. The euro was a shade higher at $1.1668, hovering near a three-month peak hit last week, while sterling was 0.1% stronger at $1.3639, near its six-month peak. US Treasury Secretary Scott Bessent unveiled an expansion of sanctions against Iran on Monday, and warned countries to cut business ties to Iran or risk being forced out of the dollar-based financial system. “That potentially is one source of a slight reversal of the dollar weakness that we had at the end of last week,” Ray Attrill, head of FX strategy at National Australia Bank, said in a podcast. “The suggestion being that, maybe if you’re going to be sanctioned and you’re not going to have access to US dollars, then you better buy some dollars first before that happens.” The Canadian dollar held flat at $1.3844, steadying after a 0.6% dip in the previous session, as the US threatened to raise tariffs on Canadian goods after trade negotiations collapsed. The Japanese yen strengthened a tad to 159.21 p
