Dollar edges near recent lows amid rate hike hopes
The dollar remained under pressure today, Monday, despite increasing expectations of a US interest rate hike, amid escalating tensions in the Middle East that could boost inflationary pressures and prompt central banks to tighten monetary policies. Concerns over rising US debt levels and volatility in economic policies have weakened the US currency, with limited movements in the currency market due to the closure of US markets. The expectation of a rate hike temporarily supported the dollar, as the euro rose to 1.1618 dollars, with the dollar index approaching its lowest levels. Meanwhile, the Japanese yen strengthened to 155.88 per dollar amid growing expectations that the Bank of Japan will raise interest rates in October.
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