Dollar and Oil Rise as Hawkish Fedspeak Fuels Rate Hike Expectations

The US dollar gained strength against a basket of currencies on Wednesday due to hawkish comments from Federal Reserve officials and ongoing woes in the global economy.

The Fed's Boston and Chicago presidents, Susan Collins and Austan Goolsbee, hinted at a possible rate hike in September. Although they are not voting members this year, their remarks suggest that a rate increase remains on the table for the September meeting.

Oil prices continued to rise, with Brent crude trading around $83.50 per barrel and WTI crude briefly hitting $90 per barrel for the first time since July 31.