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The dollar index inched higher toward the 101 level on Tuesday after posting small losses in the previous two sessions, showing only a muted reaction to another rise in oil prices. Crude advanced following reports of attacks on vessels near the Strait of Hormuz, underscoring the region’s fragile security environment and the associated risks to global energy supplies. The move in oil rekindled inflation concerns and led traders to slightly increase expectations for additional Federal Reserve rate hikes this year. Market-implied odds of a rate increase as early as September rose to about 58%, up from 56% the previous day. Investors are now looking ahead to Wednesday’s release of the FOMC meeting minutes for further insight into the Fed’s policy outlook, after the central bank adopted a more hawkish tone at its June meeting. The dollar logged modest gains against most major peers but remained marginally weaker versus the yen.
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