Dollar Rises on Fed Expectations, Oil Prices

The US dollar experienced a significant boost due to heightened expectations of the Federal Reserve raising interest rates later this week. This increase in expectations, combined with higher oil prices, contributed to the dollar's rise across the board.

However, the People's Bank of China set the dollar's reference rate at a new 3.5-year low today, indicating some potential divergence between US and Chinese monetary policies.

The Swedish krona was among the hardest-hit G10 currencies, falling by around 0.8% as the country's weekend election remains too close to call and its results may not be known for another couple of days.

President Trump expressed optimism about a possible end to the war with Iran before the midterm elections and also mentioned that a trade deal with Canada is in progress.