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Forex

Dollar Rebounds as Oil Prices Surge and Inflation Data Looms

Guavy AI Editorial Team
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USD
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The US dollar has regained some ground after hitting a two-month low against major currencies. It rose by 0.06% to 99.7 on the dollar index, which tracks the currency against six major peers.

Oil prices have also climbed, with Brent oil futures increasing by 1.4% to around $85 per barrel. The rise in oil prices is attributed to ongoing uncertainty over the reopening of the Strait of Hormuz, a critical energy supply route.

Investors are awaiting this week's inflation data, including the Consumer Price Index (CPI) report on Wednesday and retail sales figures on Friday. These releases will provide crucial information for the Federal Reserve's rate path.

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