US dollar retreats from 18-month high

The US dollar retreated from an 18-month high as falling oil prices and a reassessment of the artificial intelligence-driven rally weighed on the currency, while investors awaited fresh signals on the outlook for US interest rates.

The dollar index, which measures the greenback against a basket of six major currencies, fell 0.25% to 102.27.

The euro rose 0.3% to US$1.1189, recovering from its lowest level since May 2025, while the Japanese yen strengthened 0.15% to 158.38 per dollar.

The euro also gained 0.21% against the yen to 177.32 yen, while the Australian dollar stood at US$0.6979 after minutes from the Reserve Bank of Australia’s latest meeting showed that its board had unanimously agreed to raise interest rates for the fourth time this year.