US Dollar Weighed Down by Rising Oil Prices and Stronger Yen

The US Dollar is under pressure as the Japanese Yen's sharp rally leads to its decline. The USD/CHF pair trades around 0.8078, down roughly 0.20% on the day.

This comes amidst the ongoing US-Iran war in the Middle East and rising Oil prices, with West Texas Intermediate (WTI) Oil trading at $93.50 per barrel, near its highest level since June 8.

The US Dollar Index (DXY), which tracks the Greenback's value against a basket of six major currencies, trades around 98.67, near its lowest level since August 21.

Elevated Oil prices are reinforcing the case for higher interest rates, with US Treasury yields remaining elevated at 4.80%, near their highest level since November 2023.