Oil price retreat drags down the US Dollar Index DXY, erasing gains

Affected by oil price fluctuations, the US dollar exchange rate against a basket of currencies once reached a seven-week high of 100.667. Previously, due to the United States' position as a net exporter of oil and the dollar's safe-haven status, rising oil prices had pushed the dollar higher. Meanwhile, following the Federal Reserve's 25 basis point rate hike last week and its indication of further rate increases, the market is betting that the US will continue to raise rates. Later, according to Japan's Kyodo News, if the US takes measures to ease military pressure, Iran has proposed reopening the Strait of Hormuz within seven days. As a result, oil prices turned downward and the US Dollar Index (DXY) dropped 20 points in the short term, erasing its previous gains.