The dollar extended earlier losses to hit its lowest level since the war in the Middle East started, after a report said the US and Iran are nearing an agreement to end the conflict.

The Bloomberg Dollar Spot Index fell as much as 0.8% to its lowest since Feb. 26. Axios reported that the White House believes it is close to reaching an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations.