The dollar has weakened as hopes reignite for the end of conflict in the Middle East.

Chris Turner of the Dutch International Group stated in a report that the US dollar weakened after a media report claimed that Iran had made a new proposal aimed at ending the war with the United States. However, he said that due to high oil prices and investors questioning how central banks around the world will deal with high inflation and weak growth, the decline in the US dollar should be limited. A series of interest rate decisions will be announced this week: the Bank of Japan on Tuesday, the Federal Reserve on Wednesday, followed by the European Central Bank and the Bank of England on Thursday. The DXY dollar index fell 0.2% to 98.409.