Dollar declines as Federal Reserve minutes reveal disagreement over interest rate outlook

The US dollar declined after the Federal Open Market Committee meeting minutes revealed divisions over the path of interest rate hikes, as some officials offered justifications for increasing rates despite the decision to keep them steady at 3.5% to 3.75% in June. This led to the dollar stabilizing near the breakeven level and expectations of future monetary policy tightening. Meanwhile, Brent crude oil prices rose by 6.6% following Iranian attacks on American military installations in Kuwait and Bahrain in response to U.S. sanctions on Iranian oil exports.

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