Dollar stays near two-week peak as oil rises
The dollar remained close to its two-week high, as oil prices rose due to ongoing escalation in the Middle East, fueling inflation concerns and leading to higher bond yields. The dollar index reached 99.79 points, the highest since August 17. As a result, the euro weakened against the dollar, while inflation fears and expectations of the Federal Reserve's interest rate hikes boosted demand for the dollar as a safe haven. At the same time, oil prices rose to approximately $95.74 per barrel for Brent and $91.05 for U.S. crude, amid escalating military tensions between the United States and Iran. Additionally, the rise in U.S. Treasury bond yields to 4.81% contributed to supporting the dollar, while intervention strategies by Japan and the United States proved ineffective in preventing the yen's decline.
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