The dollar index is holding close to 99 mark on Friday, as soaring oil prices and accelerating US producer prices data are increasing bets for a Federal rate hike. Oil futures were boiling at its highest level since May driven by escalatory strikes between Iran and the US. Producer prices in the US increased 0.4% mom in August 2026, following an upwardly revised 0.1% rise in July and in line with expectations. Treasury yields also moved higher after data showed US producer inflation accelerated in August as the Iran war drove up wholesale energy prices, with markets now awaiting the latest consumer inflation data. The dollar index that measures the greenback against a basket of currencies is quoting at 98.78, erasing much of early day gain. Among basket currencies, EUR/USD and GBP/USD are both staying mildly lower at $1.1651 and $1.3527 respectively.
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