Dollar Hits Four-Week Low as Ceasefire Dims Haven Appeal

The dollar fell against all its major peers as a two-week ceasefire deal between Iran and the US sent oil prices plunging and undermined demand for one of the conflict’s most prominent haven trades.

Bloomberg’s gauge of the greenback slid as much as 1% to a four-week low as the agreement pushed crude futures sharply lower. Treasury yields slid, further reducing support for the currency, as money markets revived their wagers on a US interest-rate cut this year.