The US dollar index slipped toward the 100 level on Monday, giving back part of last week’s gains as reports suggested the United States may soon form an international naval coalition to escort ships through the Strait of Hormuz. The news eased demand for the dollar as a safe-haven asset while the Middle East crisis entered its third week, with some discussion of possible US-Iran negotiations.

US President Donald Trump said several countries are expected to deploy warships to secure the strait, adding that the US Navy will begin escorting vessels to ensure safe navigation through the key energy corridor.

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