Dollar Holds Gains as Middle East Energy Shock Deepens
The U.S. dollar held near weekly highs as Middle East energy supply concerns lifted bond yields. Meanwhile, the Japanese yen slipped despite stronger domestic wholesale inflation data.
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The United States dollar held near a one-week high during Friday morning Asian trading, supported by rising bond yields and energy supply shock fears in Iran and Yemen following regional conflict escalations. The dollar index traded flat at 99.084, underpinned by risk-aversion flows and rising producer prices. Energy shocks have lifted the probability of a Federal Reserve rate hike next week to 71%, according to market participants.
