Dollar Hits One-Month High as Fed Rate Hike Chances Linger

The US dollar has reached a one-month high due to lingering expectations of a rate hike at the Federal Reserve's upcoming meeting. This comes despite falling oil prices easing concerns over inflation.

The dollar index, which measures the greenback against a basket of currencies including the yen and euro, edged up 0.03% to 101.55. The euro decreased by 0.01% to $1.1366.

Chris Weston, head of research at Pepperstone, noted that 'the lack of meaningful buying at the front end of the Treasury curve has helped keep the US dollar well supported.'