Dollar nears weekly high amid oil and tariffs
The article discussed the rise of the US dollar, which is on track to achieve its biggest weekly gains since mid-June, supported by higher oil prices and the imposition of new import tariffs ranging between 10% and 12.5% on 60 countries, including Europe. The Japanese yen also reached its lowest level in 40 years, despite Japanese authorities' statements about their readiness to intervene in the currency market. These statements failed to support the yen, with the dollar declining against it by 0.04% to 163.78 yen. Meanwhile, the euro-dollar remains steady amid expectations of a possible US interest rate hike in September, as policy divergence continues between the European Central Bank and the Federal Reserve. The oil market remains above $100, bolstered by attacks on shipping routes in the Red Sea and the Gulf, fueling expectations of higher inflation levels.
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