ChainCatcher reports that, according to Gate market data, the rise in oil prices has prompted swap dealers to reduce their bets on the Federal Reserve cutting interest rates this year, leading to a strengthening of the US dollar against all major currencies. The market currently expects the Fed to cut rates by about 59 basis points, down from 61 basis points last Friday. Gareth Berry, a strategist at Macquarie Group in Sydney, said this may be an early signal that the market believes sustained oil price increases will lead to higher inflationary pressures in the US, thereby reducing the Fed’s willingness to cut rates. Deteriorating risk sentiment has also contributed to the dollar’s rise, with the S&P 500 futures down 1.5%.
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