Dollar Gains Momentum Amid Inflation Data, Oil Prices Stall Advance
The US dollar gained strength against the Swiss franc on Friday, driven by expectations of a Federal Reserve interest rate hike. The momentum was initially fueled by U.S. inflation data, which intensified anticipation for the upcoming rate hike next week.
However, the dollar's advance was curtailed by rising oil prices due to escalating Middle East tensions. This surge in oil prices pushed back against the US currency's gains.
In related news, U.S. Treasury yields approached multi-year highs, and Japan's yen saw significant gains amid speculation of an impending interest rate hike by the Bank of Japan.