The US dollar is set for its steepest monthly decline since June, with the Bloomberg Dollar Spot Index down 1.8% in April, driven largely by a US-Iran ceasefire that reduced haven demand. Losses eased amid higher oil prices and expectations of a potential Federal Reserve rate hike next year. Nathan Thooft, senior portfolio manager at Manulife Investment Management, said, “Going forward, the dollar is likely to trade lower but remain range-bound, with declines tempered by relative US growth stren

The US dollar is set for its steepest monthly decline since June, with the Bloomberg Dollar Spot Index down 1.8% in April, driven largely by a US-Iran ceasefire that reduced haven demand. Losses eased amid higher oil prices and expectations of a potential Federal Reserve rate hike next year. Nathan Thooft, senior portfolio manager at Manulife Investment Management, said, “Going forward, the dollar is likely to trade lower but remain range-bound, with declines tempered by relative US growth strength and ongoing global uncertainty.” Other central banks’ hawkish stances have supported currencies such as the Australian dollar and Norwegian krone.