Dollar hits two-week high ahead of rate hike

The dollar rose to a two-week high of 99.78 against the basket of currencies, supported by investor appetite amid fears of economic fallout from the energy shock and military tensions between the United States and Iran, which have heightened concerns over oil supplies. This coincided with the 10-year US Treasury yields climbing to 4.812%, the highest level since November 2023. Meanwhile, the market is currently pricing in a 70% chance of the Federal Reserve raising interest rates in September. Conversely, the euro declined to its lowest level since August 20, at 1.1575 dollars. The yen also appreciated against the dollar to 159.50 yen, despite expectations that the Bank of Japan will raise interest rates, while other currencies like the New Zealand dollar fell following the Central Bank’s decision to increase rates to 2.75%.

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