Dollar Hits Near Two-Week High on Hawkish Warsh

The US dollar has strengthened to a near two-week high after Federal Reserve Chair Kevin Warsh's keynote address at Jackson Hole was seen as hawkish.

Warsh stated that underlying inflation trends had not 'meaningfully improved,' reiterating the central bank's focus on price stability.

This perceived hawkishness has led traders to raise their expectations for a quarter-point hike by the Federal Open Market Committee in September, with odds now standing at more than 57%.