Dollar Consolidates Gains Amid Hawkish Comments and Rising Oil Prices

The US Dollar is experiencing a period of consolidation following its pre-weekend surge due to hawkish comments from Fed Chair Warsh at Jackson Hole. The last time the Dollar saw such gains was in response to Warsh's first FOMC meeting as chair, which took place in June.

This comes ahead of key economic data releases, including the August nonfarm payroll report and the end-of-month inflation figures for major economies. Despite this, markets are not yet convinced that a September 16 FOMC rate hike is a certainty.

The Dollar has found support from rising oil prices due to new hostilities in the Middle East, with Brent crude futures surging by around $3 per barrel today.