Commodities
Dollar Edges Higher on Oil Prices and Rate Hike Bets
The US dollar (DXY) has made marginal gains amid higher oil prices and increased bets on a Federal Reserve rate hike, according to Newsquawk.
The DXY index rose by +0.1%, while the USD/JPY pair gained +0.3% as it continued its rebound from support around 157.00. This follows hawkish comments from Fed officials last Friday, including Hammack, who stated that the Fed needs to ensure policy is at a restrictive stance to lower inflation and does not see current policy as restraining the economy.
The EUR/USD, GBP/USD, and AUD/USD pairs all remained flat, with few notable drivers for these currencies. The GBP/USD was unmoved by UK PM Burnham's announcement of new taxes to pay for social care reform.