Dollar stays near 18-month high as inflation data in focus
An escalating Middle East conflict kept investors wary ahead of key US inflation data later this week.
The dollar maintained its near 18-month high in early Asian trade on Monday, with analysts predicting a potential brief pause in its rally. The Middle East conflict, particularly attacks by Iran-backed Houthis on Saudi Arabian energy assets, has kept investors cautious ahead of crucial US inflation data later in the week. Oil prices fluctuated, with Brent crude futures falling 1% to $103.55 per barrel.
The dollar index, measuring the greenback's strength against six currencies, slipped slightly to 102.14 but remained close to its 18-month peak. The US dollar weakened against the yen and Australian dollar, while the Japanese yen saw a minor increase. US inflation data, notably the consumer price index report due on Wednesday, will be closely watched by the Federal Reserve to assess potential changes in interest rates.
Currently, there is an 81% chance of the Fed keeping rates unchanged this month, up from 51% just a month ago.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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