The dollar index hovered around 98.5 on Thursday and was up sharply this week as accelerating US inflation linked to the Iran war reinforced expectations that the Federal Reserve will keep interest rates higher for longer or potentially raise them. Data released Wednesday showed US wholesale inflation climbed in April at its fastest pace since 2022, following Tuesday’s report indicating consumer inflation rose to 3.8% last month, the highest level since May 2023. Markets have now fully priced out any possibility of a Fed rate cut this year and are increasingly assigning a higher probability to a rate hike before year-end. Meanwhile, the US Senate narrowly confirmed Kevin Warsh as Fed chair on Wednesday, with investors assessing whether he will maintain the central bank’s independence. Elsewhere, President Donald Trump is scheduled to meet Chinese President Xi Jinping, with discussions expected to focus on trade relations rather than the ongoing Iran conflict.

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