Dollar rallies as oil prices jump, AI fears knock markets
Warnings from frontier company CEOs about the possible dangers of AI weighed on stocks and boosted the US dollar, while rising bets on a Federal Reserve rate hike supported the currency.
The US dollar index surged to a two-week high on Monday, reaching 99.59, after oil prices jumped and investors turned to the safe-haven currency. The euro and British pound also fell, while the Japanese yen weakened. Warnings from AI-focused company CEOs and expectations of a Federal Reserve rate hike boosted the dollar. The jump in oil prices, driven by Houthi attacks on Saudi Arabia's oil exports, further unsettled investors.
Central banks are under pressure, with the US Fed likely to hike interest rates on Wednesday in response to rising energy prices.
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- Dollar rallies as oil prices jump, AI fears knock markets freemalaysiatoday.com
