Economic TimesLean R·
Dollar jumps on renewed Middle East attacks, Hormuz closure
The dollar strengthened against most currencies due to renewed Middle East conflict. This conflict fueled inflation fears and increased rate hike prospects from central banks. Oil prices rose significantly, driving the dollar's upward movement and inflation concerns. Traders now anticipate two Federal Reserve rate hikes by year-end. Upcoming U.S. inflation data and Fed testimony will remain key focus areas.
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