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The dollar index inched up to 100.5 on Tuesday, hovering near its highest level since late July, supported by a more hawkish Federal Reserve that has strengthened expectations for additional interest rate hikes this year. On Monday, Chicago Fed President Austan Goolsbee noted that the central bank cannot ignore repeated and persistent supply shocks, while St. Louis Fed President Alberto Musalem indicated that further rate increases may be needed to bring inflation back toward the Fed’s target. Last week, the Fed raised interest rates for the first time in three years and signaled the prospect of more tightening later this year to rein in inflation. At the same time, oil prices extended their decline, although they stayed above their intraday lows, as markets continued to weigh diplomatic efforts to resolve the conflict in the Middle East. Traders also remained watchful for potential currency intervention aimed at supporting the yen.
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