US Dollar Holds Two-Month High Overnight on Middle East Conflict, Inflation Data Due Wednesday

US-2.35%
According to Jin10, overnight on June 8, the US dollar held near two-month highs as fresh Middle East tensions escalated. Iran and Israel exchanged direct attacks in what marked their first direct confrontation since a US-brokered ceasefire took effect in early April. The market is awaiting Wednesday's US inflation data, which will influence expectations for the Federal Reserve's June rate decision. Deutsche Bank analysts said the case for rate hikes appears stronger than for cuts, bolstered by Friday's better-than-expected non-farm payroll report.
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