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Dollar rises on Iran war uncertainty, sterling slips before Burnham
The dollar index rose 0.18% to 100.92 as investors weighed a Houthi naval blockade claim against signals that Iran and the United States may resume diplomacy.
The U.S. dollar gained on Monday as investors weighed contradictory signals in the Iran war, while the pound fell from earlier levels ahead of markets positioning for a new British prime minister, Andy Burnham, according to Reuters. Reporting from Reuters, Yemen's Iran-aligned Houthis said they were imposing a naval blockade on Saudi Arabia, a development that could broaden risks to energy supplies and trade. However, oil prices gave back some of their initial gains after Iran and the United States signaled they wanted to resume diplomacy. In commodities and currency pricing covered by Reuters, U.S. crude rose 0.22% to $82.67 a barrel and Brent increased 0.77% to $88.78. The dollar index climbed 0.18% to 100.92, while the euro fell 0.19% to $1.1417. Reuters also pointed to a relatively light economic calendar and a Fed “blackout period” for comments ahead of next week’s meeting. CME FedWatch data cited by Reuters showed markets pricing a 16.6% chance of a Fed rate hike next week, down from more than 40% a week earlier, while expectations for a September hike stood at 62.8%.
Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%|Dollar index 100.71 ▲0.2%