The dollar soars against a basket of currencies amid war-related economic impacts

The dollar rose against most currencies as tensions in the Middle East escalated, with American and Iranian forces launching missile and drone attacks. Tehran closed the Strait of Hormuz once again, leading to a 3.3% increase in oil prices to $78.49 per barrel. This has heightened concerns over inflation and the possibility of interest rate hikes, with expectations of at least two increases in 2023.

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