Dollar nears two-week high on oil surge
The dollar traded near a two-week high as renewed Middle East hostilities drove oil prices higher and revived inflation concerns. Rising Treasury yields and Federal Reserve rate hike expectations further supported the safe-haven currency.
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The United States dollar held near a two-week high on Wednesday as renewed Middle East hostilities drove oil prices higher, reviving inflation concerns and lifting bond yields. The dollar index rose 0.11% to 99.79, reaching its highest level since August 17. The greenback's safe-haven appeal strengthened amid rising Treasury yields and growing expectations of a Federal Reserve rate hike.
