How rising oil prices are strengthening the US dollar
Source: Al-Jazeera
The US dollar edged higher on Wednesday as investors scaled back expectations for interest rate cuts.
The move comes as rising oil prices linked to the Middle East conflict fuel concerns that inflation could remain elevated, News.Az reports, citing Reuters.
Markets widely expect the Federal Reserve to hold rates steady, but signals that borrowing costs may stay higher for longer have supported the currency.
Other major currencies were subdued ahead of key central bank decisions, with the euro and pound slipping slightly, while the yen remained under pressure.
By Faig Mahmudov
Similar news
