According to analysts at Macquarie, the positive correlation between the U.S. dollar and oil prices could reverse if the European Central Bank and the Bank of England remain more concerned about rising inflation than the Federal Reserve. They noted that ongoing disruptions in the Strait of Hormuz are likely to amplify the pass-through effect of energy prices in Europe and the U.K. The strategists highlighted that the Fed maintains a more balanced approach between its dual mandate of price stability and maximum employment. In contrast, the Bank of England and the European Central Bank have signaled greater sensitivity to one-sided inflationary pressures that are harder to overlook. Meanwhile, the DXY U.S. dollar index fell 0.3% to 98.029, after hitting a six-week low of 97.977.