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macroJul 22, 2026, 9:16 PM

US Dollar Softens as Oil and Gold Rally, ECB Decision and Australian Jobs Loom

The US Dollar trades slightly lower on Wednesday as markets remain cautious amid escalating tensions surrounding Iran and the Strait of Hormuz. The US Dollar Index (DXY) slips toward 101.10, helping the Euro recover modestly.

DXYEURUSDXAUUSDXTIUSD

The US Dollar is under mild pressure on Wednesday, with the DXY easing to around 101.10. The decline comes as geopolitical risks linked to Iran and the Strait of Hormuz boost safe-haven demand for gold and oil, both of which are rallying.

Meanwhile, traders are looking ahead to the ECB’s monetary policy decision and Australian employment data, which could drive further currency moves. The Euro has managed a slight recovery against the greenback, while most other major pairs remain relatively stable.

Source: FXStreet Forex News