This week, an article in the Wall Street Journal insinuated that the Fed would likely raise interest rates only one more time, if at all. The article, which incorporated both economic indicators and economists’ sound-bites, caused a minor stir in forex markets, as traders tweaked their models to account for the change in expectations. The latest consensus, which is also reflected in interest rate futures, is that the Fed will raise interest rates in May, for the final time in its current cycle of monetary tightening. Furthermore, such futures also indicate a low likelihood of an encore rate hike in June. Marketwatch reports:

Meanwhile, persisting concern about the clash between Iran and the West and the possibility of U.S. military intervention in Iran also weighed heavily on the greenback.

Read More: Dollar slumps on rate outlook, Iran