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Dollar Gains on Rate Hike Outlook
The US dollar rose on Friday, supported by higher Treasury yields and oil prices, which boosted expectations of a rate hike by the Federal Reserve in September. The dollar index stabilized near its highest level in three weeks against a basket of currencies, amid heavy selling in the fixed income market, as the yield on the 10-year US Treasury surpassed 4.7% and the 30-year bond yield exceeded 5%. This increase was driven by heightened inflation concerns, coinciding with the implementation of a new tariff system on imports and a decline in oil prices, adding pressure on the dollar. Conversely, the EUR-USD pair declined as the European Central Bank maintained its interest rates, amid expectations that trade movements and energy markets will influence the pace of monetary easing in the future.
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