The prospect of US interest rate hikes supported the dollar, while expectations of interest rate hikes in the Eurozone decreased.

According to a report by Chris Turner of ING Group, the strengthening prospect of a Federal Reserve rate hike will support the US dollar, and even with substantial progress in US-Iran peace negotiations, the downside for the dollar remains limited. He noted that Fed Governor Waller recently warned that further rate hikes are possible if oil prices remain high. Meanwhile, market expectations for rate hikes in the Eurozone and the UK have cooled due to weak economic conditions.