The dollar index is staying firmly above 99.50 mark on Friday amid Middle East conflicts showing no signs of abating which is leading to fear of rising inflation. Oil is seen rising around $100 per barrel due to the effective closure of the Strait of Hormuz amid conflict involving the United States (US), Israel, and Iran. The DXY is poised for its second consecutive weekly gain and marks the highest levels since November 2025, bolstered by escalating geopolitical tensions in the Middle East. The dollar index, that measures the greenback against a basket of currencies is quoting at 99.63, up 0.13% on the day and set for a 0.5% addition this week. Expectations for the US Federal Reserve (Fed) rate cuts have been reduced as oil-driven inflation complicates the US policy path. More cues will be taken from the US Personal Consumption Expenditures (PCE) Price Index report for January, which is due on Friday.
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