Dollar approaches two-week peak on rate hike hopes
The dollar remained near its highest level in two weeks, supported by expectations of a US interest rate hike in September, following statements from the new Federal Reserve Chairman emphasizing the need for further monetary tightening to bring inflation down to 2%. Tensions in the Gulf region and rising oil prices, especially after an attack on Iran's Qeshm Island, contributed to the dollar's strength, while expectations of a decrease in its value over the month declined due to repurchase activities of US Treasury bonds. Investors are now awaiting upcoming employment and inflation data, which may influence the Federal Reserve's monetary policy decisions at the next meeting.
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