[MARKET ANALYSIS] Dollar marginally softened and reverted to beneath the 100.00 level, despite higher oil prices and fresh US-Iran strikes

DXY: -0.1%

• Marginally softened overnight and retreated back beneath the 100.00 level after the prior day's mixed performance and despite the early risk-off environment brought on by a second consecutive night of US-Iran hostilities. Recent consumer inflation data from the US mostly printed in line with expectations, while PPI data is due later today, which could resume the transition to a more hawkish policy view for the FOMC next week if it comes in hot and shifts PCE expectations.

EUR/USD: +0.1%

• Rebounded from an initial trough and eked out mild gains as sentiment slightly improved, and with a rate hike seen to be on the cards during today's ECB conclave.

GBP/USD: +0.1%

• Eked slight gains but with upside capped beneath the 1.3400 territory, and as the UK data remains sparse ahead of Friday's GDP and output updates, while recent RICS House Price Balance deteriorated.

USD/JPY: Flat

• Lacks firm direction overnight after recently gaining a firmer footing above the 160.00, as participants continue to await an expected rate hike at next week's BoJ meeting, which Governor Ueda is unlikely to attend after being hospitalised.

Antipodeans: AUD/USD +0.1% / NZD/USD +0.1%

• Nurses losses following recent declines, and with partial recovery helped following CENTCOM's announcement that US forces had completed the latest strikes on Iran.