Dollar Set for Weekly Rise on Bond Gains
The rise of the dollar is on track to achieve weekly gains, supported by increased U.S. Treasury bond yields and expectations of interest rate hikes by the Federal Reserve. This has led the dollar index to reach its highest level in two months, rising by more than 1%. This increase caused the euro to fall to its lowest in two months at $1.1370, heading for its third consecutive week of decline. The British pound also declined near its three-month low, dropping to $1.3220, amid news of revised interest rate forecasts following tightening of monetary policy. On the oil front, prices jumped over 3% after a rocket attack on Saudi Arabia, which heightened fears of supply disruptions and rising inflation. Meanwhile, trading in the Japanese yen remains limited amid warnings from authorities of possible intervention to support the currency.
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