Trump says Iran war "close to over" amid hopes for more negotiations
LONDON, April 12 (Reuters) - The dollar jumped against other major currencies in early Asia-Pacific trading on Sunday, as investors sought the relative safety of the U.S. currency after marathon talks between Washington and Tehran failed to yield a peace deal, plunging markets into a seventh week of uncertainty.
President Donald Trump on Sunday said the U.S. Navy would start blockading the Strait of Hormuz nL1N40U07M, a choke point for 20% of the world’s daily energy supplies that Iran effectively closed since the war started in late February, which has driven oil prices up by over 30% and fuelled fears of a widespread surge in inflation.
The dollar, which has acted as a safe haven, given the limited exposure of the United States to imported energy-price inflation, rallied in initial trade, leaving the euro down 0.5% at $1.166 and gaining 0.1% against the Japanese yen to trade at 159.43.
