Euro vs US Dollar Hits 1.1849 High as Iran Reopens Strait, Oil Plunges 10%

Euro vs US Dollar edges higher to 1.1814 (intraday high 1.1849) as Iran's partial reopening of the Strait of Hormuz triggers a risk-on rally, tumbling WTI oil nearly 10% to $80/bbl and sliding the DXY to 97.74. The pair rallied from below 1.18 since April 13 on US-Iran de-escalation hopes, a held ceasefire, Iran's uranium-for-sanctions deal hints, and Hungary ousting Orban for EU unity, with muted reactions to Spain's +3.4% CPI and weak US NFIB at 95.8. Eurozone trade swung to a €11.5B February surplus amid machinery gains, but 60% energy import reliance flags reversal risks; the pair eyes a third weekly gain ahead of weekend talks.