US Dollar Index climbs to five-week high as hawkish Fed bets gather pace
The post US Dollar Index climbs to five-week high as hawkish Fed bets gather pace appeared on BitcoinEthereumNews.com. The US Dollar Index (DXY), which measures the Greenback against a basket of six major currencies, extends its rally on Friday, climbing to its highest level since April 8 as investors continue to favor the US Dollar amid hawkish Federal Reserve expectations and persistent geopolitical uncertainty surrounding US-Iran negotiations. At the time of writing, the DXY trades around 99.20, putting the index on track for its first weekly gain in three weeks. The advance comes as traders reassess the US inflation outlook following another sharp rise in both Consumer Price Index (CPI) and Producer Price Index (PPI) data released earlier this week, marking the second straight month of accelerating inflation in April. Higher Oil prices linked to tensions in the Middle East remain a key driver of inflation. Following the latest inflation data, traders have increased bets that the Fe