Reports of a possible US-Iran agreement pushed oil lower, reducing September Fed hike odds to 57% from 67%. Markets now await the ADP employment report.

The Dollar Index remained below 100 as lower oil prices eased inflation concerns. Qatar prepared an interim proposal for a Strait of Hormuz agreement, while Treasury Secretary Scott Bessent said a deal could come by midweek. The dollar also stayed under pressure against the yen following renewed intervention warnings.

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