Dollar Climbs Toward Weekly Rise

The U.S. dollar continued its rise after Federal Reserve Chair Jerome Powell hinted at the possibility of raising interest rates again if inflation does not decline towards the bank's 2% target. Powell's comments led investors to increase their expectations of a 25 basis point rate hike at September's meeting, with the likelihood rising to around 50% compared to 35% before his speech. The dollar index also climbed by 0.46% to reach 99.57, while other major currencies such as the euro and the British pound fell against the dollar. These statements reflect expectations of further monetary tightening to contain inflationary pressures.

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