Dollar caps best week since 2024 as oil surge trims Fed bets
Gulf Times
Dollar caps best week since 2024 as oil surge trims Fed bets
The dollar wrapped up its best week in more than a year, rallying as the ultimate safe haven amid the conflict in the Middle East and skyrocketing oil prices. The Bloomberg Dollar Spot Index gained 1.3% this week, the best performance since November 2024. The fighting in the Middle East shows no signs of abating, boosting the price of Brent crude oil futures by nearly 30% since the US and Israel struck Iran over the weekend, and as Iran hit back around the region. The hostilities are roiling crude production and shipping, and fanning inflationary fears for the Federal Reserve and other central banks. That’s led traders to trim bets on Fed interest-rate cuts, also boosting the dollar.
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Dollar caps best week since 2024 as oil surge trims Fed bets
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