Rising oil prices dampen Fed rate cut expectations, strengthening the US dollar
ChainCatcher News, according to data from a certain exchange, the US dollar has strengthened against all major currencies as rising oil prices have prompted swap traders to reduce their bets on Federal Reserve rate cuts this year. The current market expects the Federal Reserve to cut rates by about 59 basis points, down from 61 basis points last Friday. Gareth Berry, a strategist at Macquarie Group in Sydney, stated that this may be an early signal that the market believes continued increases in oil prices will lead to higher inflationary pressures in the US, thereby reducing the Federal Reserve's willingness to cut rates. Deteriorating risk sentiment has also contributed to the rise of the US dollar, with S&P 500 index futures falling by 1.5%.
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