Weakness in the U.S. labor market kept the value of the dollar against major currencies near its lowest level in the past two months, drawing markets’ attention to the inflation report and the Federal Reserve’s next decision.

According to Reuters, the dollar index traded at 99.6, near its lowest level since early June. The release of weak employment data reduced the likelihood of a rate hike in September, and also pushed down yields on 10-year U.S. Treasury notes.

Analysts say the July inflation report is the most important factor guiding markets this week. At the same time, continuing uncertainty about the reopening of the Strait of Hormuz and its being conditional on the Islamic Republic accepting demands from the United States pushed the price of Brent oil to around $85 per barrel.

According to analysts, the continued rise in energy prices could challenge the downtrend in inflation in the United States and make the central bank’s decision on interest rates more complex. Developments in the Strait of Hormuz remain among the most important factors affecting global energy and currency markets.