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The US Dollar slipped against a basket of major currencies on Monday as geopolitical fears eased following the suspension of US military operations against Iran over the weekend. The cooling of tensions triggered a sharp drop in oil prices and revived risk appetite across global markets, ahead of a busy week of central bank meetings led by the US Federal Reserve.

Foreign Exchange & Energy Market Movements:

USD/JPY: Fell 0.2% to 163.585 yen, marking its largest single-day decline since July 10.

EUR/USD: Rose 0.3% to $1.1403.

GBP/USD: Advanced 0.2% to $1.3352.

Brent Crude: Plunged 10% to $86.00 per barrel in early Asian trading.

WTI Crude: Dropped 5% to $85.00 per barrel.

The shift in currency markets followed steep losses in crude oil benchmarks after Washington announced a pause in two weeks of military strikes. A senior Iranian official confirmed that Tehran would similarly halt its attacks as long as the US maintains its stance, following diplomatic intervention led by China to revive negotiations and de-escalate the standoff.

The military pause alleviated immediate market fears regarding potential energy supply disruptions in the Middle East, curbing safe-haven demand for the greenback as investor focus shifts toward key monetary policy decisions later this week.