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Dollar reaches two-week high amid Fed outlook
The US dollar rose to its highest level in two weeks as tensions in the Middle East escalated, prompting investors to regard the currency as a safe haven. The dollar index increased by 0.6% to reach 99.648 points, marking its highest level since early September, while the euro and the British pound each declined by 0.5%. Tensions stemming from Houthi attacks on Saudi Arabia and the kingdom's shutting down of the main pipeline contributed to rising oil prices, leading to increased global bond yields, especially Brent crude which surged to $108 per barrel amid concerns over energy supplies. The market is closely watching the Federal Reserve's decision on interest rate hikes, with a 90% probability currently priced in that rates will be raised this week, as fears over tensions and inflation continue to bolster the strength of the dollar.
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