Dollar hits one-month high on rate hike hopes
The US dollar reached its highest level in a month, supported by expectations of rising interest rates from the Federal Reserve, despite a decline in oil prices that eased some inflationary pressures. The Federal Reserve is expected to raise interest rates by 25 basis points, with a 36.3% chance of a hike at tomorrow's meeting and an 81% likelihood during the September meeting. Meanwhile, the Bank of England and the Bank of Japan are expected to keep interest rates unchanged. The dollar's decline led to a drop in cryptocurrencies, with Bitcoin falling by 1.88%.
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