Dollar Rallies as Crude Oil's Surge Curbs Fed Rate Cut Hopes

The dollar index (DXY00) is up by +0.88% today at a 5-week high.  The dollar is climbing today as today's surge in oil prices to an 8.25-month high has boosted inflation expectations and reduced the chance for additional Fed rate cuts, a supportive factor for the dollar. Also, today's stock selloff has spurred liquidity demand for the dollar.  In addition, today's better-than-expected Fed ISM manufacturing report was supportive of the dollar.  Finally, higher T-note yields today have strengthened the dolla ...