Dollar index hovers around 100 mark

The dollar index is seen hovering around the 100 mark on Monday morning in Asia, its highest level in around 4 months. Disruption in oil market and surging energy costs fueled inflation concerns are lowering expectations that the Federal Reserve will cut interest rates. Crude prices could regain momentum as Middle East tensions intensify after US forces reportedly targeted every military site on Kharg Island over the weekend, a hub that handles nearly 90% of Irans oil exports. Traders attention now turns to the US Federal Reserve policy meeting due on Wednesday. The US Dollar Index (DXY), which measures the value of the US Dollar (USD) against six major currencies, is trading at 100.05 at the time of writing. Among basket currencies, euro and pound are marginally higher, in tune with pullback in DXY.

 

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