Dollar stays near two-month high as US rate hike bets rise

The US dollar rose to its highest level in over two months, as expectations increased that the Federal Reserve would raise interest rates during the year. This pressured the Japanese yen and caused markets to worry about possible intervention by Japanese authorities. At the same time, US interest rates remained within the 3.50% to 3.75% range, with an 83% chance of a hike in December, based on market data and economic forecasts. Additionally, escalating tensions in the Middle East and comments from U.S. administration officials continued to support the dollar and drive up oil prices.

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