Dollar falls after reports of US and Iran deal to extend ceasefire

The U.S. dollar fell against major currencies on Thursday following reports that the U.S. and Iran have reached a deal to extend their ceasefire and launch further negotiations, although the agreement is pending approval from President Donald Trump.

U.S. and Iran agreed to a 60-day memorandum of understanding to extend the ceasefire and begin negotiations on Iran's nuclear program, Axios reported on Thursday, citing two U.S. officials.

The euro gained 0.27% against the dollar to $1.1655. Against the Swiss franc, the dollar weakened 0.22% to 0.785.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, fell 0.29% to 99.02.

(Reporting by Chibuike Oguh in New York; Editing by Kirsten Donovan)

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This story was originally published May 28, 2026 at 10:42 AM.