Euro gathers strength to near 1.1650 on US-Iran peace progress
Finance Euro gathers strength to near 1.1650 on US-Iran peace progress The EUR/USD pair gathers strength to around 1.1640 during the early Asian session on Monday. The Euro (EUR) edges higher against the US Dollar (USD) as US-Iran peace deal hopes improve risk sentiment. Senior US officials said on Sunday that the US and Iran are closing in on a deal that would reopen the Strait of Hormuz, even as US President Donald Trump said he wont “rush” into an agreement, per Bloomberg. Signs of progress on the peace deal could lift the shared currency in the near term. However, the combatants remain at loggerheads over Irans enriched uranium stockpile and tolls on the strategically vital Strait of Hormuz. Tehran maintains a tight grip on shipping through the Strait of Hormuz, and the US refuses to lift its naval blockade on Iranian-linked vessels. Across the pond, the case for the European Central Bank (ECB) rate hike in June is nearly sealed, but the central bank is likely to be noncommittal about any further move, looking to temper bets for a quick follow-up step in July, according to Reuters. The ECB decided to leave the key interest rates unchanged in April but it debated a hike