Dollar Rises to Highest in Nearly Three Weeks vs Basket of Currencies
Dow Jones
1 hour ago
0642 GMT - The DXY, which measures the dollar's value against a basket of currencies, rises to its highest in 19 days, as renewed U.S.-Iran hostilities continue to push oil prices higher. The U.S. and Iran exchanged fire on Tuesday as the two countries continued to battle for control of the Strait of Hormuz. Brent crude oil rises 1% to $95.62 while bond yields continue to increase due to inflation concerns. The dollar benefits from higher oil prices both because the U.S. is an oil exporter and because of the U.S. currency's safe-haven status. The DXY dollar index rises to a high of 99.808 before pulling back to last trade at 99.723.
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