Dollar Faces Downward Pressure Amid Global Economic Uncertainty

The dollar has continued to face pressure despite expectations of a US interest rate hike. This is due in part to rising tensions in the Middle East, which have fueled concerns about inflationary pressures and prompted central banks worldwide to tighten monetary policy.

Against a basket of currencies, the dollar fell 0.07% to 99.09, approaching its recent low of 98.558. The euro was marginally up at $1.1618, while sterling remained relatively stable at $1.3519.

The yen saw significant gains, rising over 0.2% to 155.88 per dollar following a prediction from Japanese Prime Minister Sanae Takaichi's economic adviser that the Bank of Japan would raise interest rates this month.