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Forex

Dollar Gains as Oil Prices Soar Amid Pipeline Attack

Guavy AI Editorial Team
Instruments
EUR USD
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The U.S. dollar has seen significant gains as oil prices continue to rise, reaching new highs after an attack on Saudi's key pipeline led to reports that it would be shut for several weeks.

This increase in demand for a safe-haven asset has put upward pressure on the dollar, with the DXY index gaining ground. The FedWatch Tool indicates a 90.1% probability of a rate hike at Wednesday's meeting, further fueling the dollar's rise.

The EUR/USD has pulled back as traders focus on the rally in oil markets, with high prices putting pressure on the European economy. Support levels for EUR/USD are located at 1.1500 - 1.1515 and 1.1420 - 1.1435 if it declines below the former.

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