Forex
Dollar Soars as Oil Prices Hit $100, Yields Reach 18-Month High
The US dollar surged on Friday, propelled by rising U.S. Treasury yields and concerns over inflation. The greenback held its ground against major peers, while the yen hovered near a 40-year low.
Oil prices climbed back above $100 a barrel for the first time since May after Yemen's Houthis struck two Saudi oil tankers in the Red Sea. The Trump administration vowed 'major military punishment' for Iran and its Houthi allies, adding to inflationary pressures.
The renewed trade tensions sent U.S. Treasury yields higher on inflation fears, with the benchmark 10-year yield rising to an over 18-month high above 4.7% overnight.