Dollar hits 2018 high amid Iran pact worry; crude slumps

WTI Crude Oil

WTI Crude Oil

US dollar and Euro bank notes are photographed in Frankfurt, Germany, in this illustration picture taken May 7, 2017.

Trump's decision to exit the accord was most keenly felt in oil markets, where prices rallied.

The euro changed hands 0.3 percent lower at $1.1927, not far from Friday's four-month low of $1.1910.

Analysts said the three-week long rally for the US currency, in which it has reversed several months of weakness, showed little sign of abating. "There might have been a bit of safe haven flows but overall it's to do with the USA holding a favourable cyclical position".

"The interest rate differentials are clearly pointing towards a stronger dollar", she said, citing expectations the European Central Bank and the Bank of England now look less likely to raise rates as soon as had been expected.

Forecasts for rising rates in the euro zone, by contrast, are being pushed back. While Friday's US payrolls data came in mixed, underlying strength in the labour market backed expectations of steady rate increases by the Federal Reserve.

Worries about political uncertainty in Italy, which faces fresh elections, is also weighing on the single currency.

The dollar dipped was flat at 109.090 yen after going as high as 109.400 overnight.

PepsiCo (NASDAQ:PEP) Shares Bought by Rand Wealth LLC
Using these same guidelines, the signal for last week stands at 32% Sell, and 64% Sell for the previous trading session. The company reported $1.31 earnings per share for the quarter, topping the Zacks' consensus estimate of $1.30 by $0.01.

An employee of a bank counts United States dollar notes at a branch in Hanoi, Vietnam May 16, 2016.

The index measuring the dollar against a basket of currencies rose 0.2 percent to 92.749, not far from the 92.9 level - a 2018 high - it hit on Friday. So far this year the Peso has lost 15/16% of its value.

U.S. President Donald Trump said he would announce a decision on Tuesday about the future of an global nuclear agreement with Iran, which he has repeatedly threatened to withdraw from.

Against the yen, the dollar rose 0.6 percent to 109.74.

And persistent concerns over rising USA interest rates kept up the relentless sell-off in Latin American currencies overnight, with the Mexican, Chilean and Argentine pesos all falling more than 1 percent, while the Brazilian real lost0.84 percent.

The euro was 0.25 per cent higher at ¥129.800 after plumbing a six-week low of 129.240 on Tuesday.

Among commodity-linked currencies, the Australian dollar fell 1 percent to $0.7441 after touching an 11-month low.

Pressured by the dollar's broad strength, the Aussie has weakened despite an upbeat budget from the country's government.

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