German bank: Dollar strengthens, boosted by bets on US rate hike.

With traders betting that the Federal Reserve could raise interest rates as early as September, the dollar strengthened. The Fed's meeting last week hinted at the possibility of a rate hike before the end of the year, prompting the market to advance its tightening expectations. Despite a drop in oil prices following progress in negotiations between the US and Iran, the dollar continued to rise. Thu Lan Nguyen from Deutsche Bank stated in a report that the dollar did not suffer from the decrease in oil prices due to bets on a rate hike in the US. She mentioned that if oil prices were to rise again, the dollar could still benefit as it would exacerbate inflation and increase rate hike expectations. The DXY dollar index rose by 0.1% to 100.905, reaching a one-year high of 101.127 on Friday.