The dollar slumped against its major peers at the start of Asian trading on Monday after the U.S. paused its ‌bombing campaign in Iran during the weekend, prompting a drop in oil prices and boosting ⁠global investor confidence.

Against the yen, the U.S. dollar was down 0.2% at 163.585 yen, its biggest decline since July 10. ‌The euro was up 0.2% at $1.1397, while the British pound rose by a similar magnitude to $1.3353.

Oil ‌prices sank in early Asian trade, with ‌Brent ⁠crude tumbling 4.7% to $92.19 after the U.S. military temporarily ⁠halted its two-week long strikes. Iran will halt its own attacks as long as the U.S. does the same, a senior Iranian official told Reuters ‌on Sunday, following a China-led push to resume stalled diplomatic efforts in Pakistan to end the war.

– Reuters