The Japanese Yen (JPY) trades flat above 159.00 on Tuesday after several days of US Dollar (USD) strength following the intervention that briefly boosted the Yen. The pair has retraced most of its sharp intervention-driven decline, facing pressure from elevated Oil prices and a firm US Dollar (USD). He finished by saying that “any Iran-Oman agreement on Strait of Hormuz shipping would be separate from the issue of closing the strait.” On another note, on Wednesday, the US Consumer Price Index (CPI) will be the main catalyst of the week, giving markets an insight into US inflation. July’s inflation is expected to be lower than June’s, which could temper Federal Reserve (Fed) rate hike bets.