Business
The US dollar remained strong in global currency markets and moved close to a two-month high amid ongoing tensions between the United States and Iran and rising oil prices.
The US dollar remained strong in global currency markets and moved close to a two-month high amid ongoing tensions between the United States and Iran and rising oil prices. Investors are also closely watching key economic data from the United States and other major economies due this week. The euro and British pound both weakened by 0.1% against the dollar, with the euro trading at $1.1379 and the pound at $1.3232. Both currencies remained near multi-month lows. The Dollar Index, which measures the US currency against a basket of major currencies, stood at 101.15, up slightly, and is on track to gain around 1.7% in September, which would mark its strongest monthly increase since June.
Meanwhile, oil prices also rose by more than 1%, with Brent crude surpassing $106 per barrel. The US-Iran conflict and uncertainty surrounding the Strait of Hormuz have heightened concerns over global energy supplies. Investors are also focusing on the US Federal Reserve’s future policy amid inflation concerns and signs of economic resilience. Expectations of higher interest rates have provided additional support to the dollar. Markets will be closely watching US inflation and employment data this week, while economic figures from China, Japan, and the eurozone will also be important for investors.
The Japanese yen fell 0.3% to 157.7 per dollar, while the Australian dollar declined 0.07% to $0.7017. The New Zealand dollar remained stable at $0.5661.
