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Forex

US Dollar Strengthens Amid Rising Oil Prices Ahead of Fed Decision

Guavy AI Editorial Team
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USD
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The US Dollar Index has risen as oil prices surged above $105 per barrel. The DXY gained ground due to traders' focus on rising oil prices and anticipation of the Federal Reserve's interest rate decision tomorrow.

According to the FedWatch Tool, there is a 92.5% probability that the Fed will raise the federal funds rate tomorrow. Market expectations suggest at least a 50-basis-point hike by December.

The NY Empire State Manufacturing Index report showed a decline from 20.6 in August to 7.6 in September, missing analysts' forecasts of 14.75. However, this did not significantly impact market dynamics as traders remained focused on the upcoming Fed decision.

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