Dollar hits two-week high on Warch's stance
The US dollar rose to its highest level in about two weeks after Federal Reserve Chair Jerome Powell's speech reinforced a hawkish tone regarding monetary policy, emphasizing the need for price stability despite high inflation data and bond market volatility. This led to an increase in the probability of a rate hike at the September meeting to over 57%, with 10-year US Treasury yields rising to 4.729%. The remarks came at a time when markets continue to be influenced by geopolitical tensions and rising US debt levels, which boost demand for the dollar as a safe haven.
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