Dollar Stalls at Resistance as Market Awaits Fed Rate Hike Decision

The U.S. dollar index has been rising on expectations of a Federal Reserve rate hike, but its gains have stalled at conventional resistance levels near 99.50.

The index, which is weighted at 57.6%, has posted a daily gain of around 0.4% and is currently trading near 99.50.

This rise in the dollar index comes despite concerns that high oil prices could offset its gains due to the United States' reliance on crude oil imports.

In fact, international oil prices have surged above $103 per barrel since late August, which should, in principle, be bullish for the U.S. dollar as wealth shifts from eurozone economies to the dollar-denominated sphere.