On June 24, 2025, the US dollar experienced a decline. Investors focused on the ceasefire between Israel and Iran, brokered by US President Donald Trump. This led to a reduction in demand for the safe-haven currency.
The ceasefire began on June 23, 2025, after intense military operations. Israel initiated Operation Rising Lion on June 13, targeting Iran's infrastructure. Iran responded with a large-scale attack using ballistic missiles and drones.
The conflict caused significant casualties and damage. At least 224 people were killed, and over a thousand were injured. Civilian infrastructure was also destroyed.
President Trump expressed cautious optimism about the ceasefire. He emphasized the need for continued vigilance. The euro traded near its highest level since October 2021, at $1.16.
The British pound eased slightly to $1.361, near its peak of $1.364. The Australian dollar was slightly higher at $0.64. Investors welcomed any reprieve from the conflict.
Joseph Capurso noted the market's complacency about risks. He cautioned that the situation could resurface. Market participants are monitoring the ceasefire's stability and its implications.