The US dollar index fell past 98.1 on Tuesday, approaching the three-year low of 97.6 touched on June 12th as markets assessed the impact that geopolitical conflict may have on US monetary policy and global trade. Israel and Iran reportedly threatened to launch new strikes shortly after agreeing on a ceasefire on Tuesday, jeopardizing the sustainability of de-escalation. This was after the seemingly controlled strikes between Iran and US forces the prior day settled without signals of more retaliation. In the meantime, oil price sank as tankers continued to navigate through the Strait of Hormuz, easing pro-inflationary concerns and supporting the case for multiple rate cuts by the Fed this year, pressuring the dollar. The Fed is currently expected to deliver two rate cuts this year, with the first coming potentially as soon as July.