# U.S. Dollar Pulls Back As Oil Prices Dive 6%: Analysis For EUR/USD, GBP/USD, USD/CAD, USD/JPY

> The US dollar index lost ground despite a stronger ISM manufacturing report, as oil prices fell about 6% after Iran's Supreme Leader authorized the government to negotiate a peace deal. German retail sales fell 2.0% month-over-month in September, and EUR/USD rose.

- Date: 2026-11-02 · published 2026-11-03T00:45:39.694Z
- Category: geopolitics · region Global · magnitude low
- Page: https://feedsoft.ai/events/76782-u-s-dollar-pulls-back-as-oil-prices-dive-6-analysis-for-eur-usd-gbp-usd-usd-cad
- Commodities: [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [US Dollar (Broad)](https://feedsoft.ai/c/DXY.md), [Euro (USD per EUR)](https://feedsoft.ai/c/EURUSD.md)

## Why it matters

Lower oil prices reduce safe-haven demand for the dollar and ease energy costs that feed into fertilizer, freight and processing. The impact on feed commodity prices is indirect and modest.

## Read by commodity

- DXY: bearish ▼
- WTI: bearish ▼
- BRENT: bearish ▼
- EURUSD: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WTI | 2024-05-02 | [Latest Oil Prices, Market News and Analysis for May 3 - Bloomberg](https://feedsoft.ai/events/7231-latest-oil-prices-market-news-and-analysis-for-may-3-bloomberg.md) | -0.1% | -1.9% |
| WTI | 2021-11-19 | [OIL FUTURES: Prices slide amid European lockdowns, stronger US dollar \| S&P Global](https://feedsoft.ai/events/11826-oil-futures-prices-slide-amid-european-lockdowns-stronger-us-dollar-s-and-p.md) | -5.3% | -10.2% |
| WTI | 2020-10-01 | [Oil prices drop as Trump announces positive test for coronavirus; yen strengthens against dollar](https://feedsoft.ai/events/50869-oil-prices-drop-as-trump-announces-positive-test-for-coronavirus-yen.md) | -0.6% | -7.0% |
| WTI | 2023-08-23 | [Latest Oil Prices, Market News and Analysis for August 23 - Bloomberg](https://feedsoft.ai/events/34758-latest-oil-prices-market-news-and-analysis-for-august-23-bloomberg.md) | +1.1% | +11.6% |
| WTI | 2026-03-10 | [Oil prices dive as Trump says Iran war will end ‘very soon’ \| CNN Business](https://feedsoft.ai/events/6630-oil-prices-dive-as-trump-says-iran-war-will-end-very-soon-cnn-business.md) | -1.3% | +20.4% |
| BRENT | 2021-11-19 | [OIL FUTURES: Prices slide amid European lockdowns, stronger US dollar \| S&P Global](https://feedsoft.ai/events/11826-oil-futures-prices-slide-amid-european-lockdowns-stronger-us-dollar-s-and-p.md) | +0.4% | -8.6% |
| BRENT | 2020-10-01 | [Oil prices drop as Trump announces positive test for coronavirus; yen strengthens against dollar](https://feedsoft.ai/events/50869-oil-prices-drop-as-trump-announces-positive-test-for-coronavirus-yen.md) | +1.7% | -5.3% |
| BRENT | 2023-08-23 | [Latest Oil Prices, Market News and Analysis for August 23 - Bloomberg](https://feedsoft.ai/events/34758-latest-oil-prices-market-news-and-analysis-for-august-23-bloomberg.md) | +1.9% | +12.9% |

## Sources

- fxempire.com: https://www.fxempire.com/forecasts/article/u-s-dollar-pulls-back-as-oil-prices-dive-6-analysis-for-eur-usd-gbp-usd-usd-cad-usd-jpy-1642006

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.