Forex
Dollar Surges Near Two-Week High on Oil Price Spike and Rate Hike Expectations
The US dollar is trading near a two-week high due to surging oil prices and rising Treasury yields. This has reinforced expectations of a Federal Reserve interest rate hike this week, with a nearly 93% chance of an increase according to CME's FedWatch tool.
Major stock markets have seen significant declines in recent days, leading to decreased risk appetite and further supporting the dollar. The AI industry has been particularly affected, with shares under pressure following calls from industry leaders for slower development to mitigate potential threats to humanity.