Dollar on defensive as markets hope for best on Middle East

The dollar remained on the defensive on ​Thursday as hopes for a de-escalation in the Iran-US war supported oil-exposed currencies, while Tokyo ‌resumed its verbal intervention in support of the yen keeping speculators cautious. Iran said on Wednesday it was reviewing a US peace proposal that sources indicated would formally end the war but leave unresolved key US demands that Iran ​suspend its nuclear program and reopen the Strait of Hormuz. Analysts were worried any agreement ​that did not open the vital waterway to shipping would likely see oil ⁠prices rise again, with Brent edging 0.8% higher in early trading.