Dollar hits 1.5-year high versus major currencies
The dollar reached its highest level in 18 months, as tensions in the Middle East escalated and investors awaited US inflation data, which will influence the decision to hike or cut interest rates. The market is focused on the upcoming US Consumer Price Index report scheduled for Wednesday, which will determine the Federal Reserve's monetary policy direction, following the interest rate hike last month—the first since 2023. Meanwhile, oil prices declined after Trump announced a ceasefire between Ukraine and Russia, leading to stability in some currencies against the dollar.
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