The U.S. dollar fell to its lowest level in a month on Wednesday, while major global currencies posted gains following President Donald Trump’s announcement of a two-week ceasefire with Iran.

In Asian trading, the euro, Japanese yen, British pound, and other risk-linked currencies rose as investor sentiment improved sharply after the truce was announced.

Risk appetite quickly returned to global markets, particularly as the agreement came less than two hours before the deadline Trump had set for Tehran to reopen the Strait of Hormuz.

Earlier, Trump had threatened large-scale strikes on Iranian civilian infrastructure, warning of severe consequences if his demands were not met—moves that had triggered significant market volatility prior to the de-escalation.