US FX WRAP: Dollar gains on hawkish Powell, Middle-East tensions and hot PPI
Context
The dollar is strengthening on the back of hawkish comments from Powell, heightened geopolitical tensions, particularly in the Middle East, and stronger-than-expected PPI data. This confluence suggests the market is pricing in a more aggressive monetary stance from the Fed, which could affect risk sentiment and drive additional flows into the dollar as a safe-haven asset.
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