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Dollar nears two-week high on rate hike bets
The US dollar continued to rise in the financial markets, approaching its highest levels in two weeks, driven by increasing expectations of a Federal Reserve interest rate hike at the upcoming September meeting. The yield on the 10-year U.S. Treasury bonds increased to 4.80%, the highest level since January 2025, strengthening the dollar. Market expectations indicate a 74% probability of a 25 basis point rate increase, which could put downward pressure on competing currencies, especially the euro and the Japanese yen. Markets are also watching US employment data, which will likely influence the direction of further rate hikes, as bond yields continue to fluctuate and officials’ statements impact global monetary policy expectations.
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