On April 21, the U.S. dollar climbed to a one-week high, reaching 98.43 on the dollar index, amid growing concerns that a ceasefire in the ongoing U.S.-Israeli conflict with Iran may take longer to achieve. This uncertainty was exacerbated when Iran announced it had yet to decide on attending peace talks after U.S. forces boarded an Iranian oil tanker. Karl Schamotta, chief market strategist at Corpay, noted that investors are preparing for prolonged disruptions in the Strait of Hormuz as negotiations appear stalled. Meanwhile, U.S. retail sales data for March showed a surprising increase, driven by higher gasoline prices and tax refunds, further bolstering the dollar. Federal Reserve chief nominee Kevin Warsh testified in the Senate, advocating for a significant overhaul of the central bank's approach to inflation control. Market analysts suggest that the dollar's strength may continue unless there are substantial developments in the Iran negotiations, with futures traders pricing in a 30% chance of a rate cut by the Fed this year.