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Fed’s Williams Signals One More Rate Hike Before Year-End 
UK Housebuilder Stocks Surge on New First-Time Buyer Loan Scheme 
Oil Surge Pressures Global Stocks as U.S.-Iran Truce Hopes Fade 
Oil Prices Jump Nearly 3% as Iran Holds Firm on Hormuz Conditions 
U.S. Stock Futures Fall as Iran, Oil and AI Risks Rattle Markets 
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The U.S. dollar climbed to a two-month high on Tuesday as investors weighed easing oil prices, volatile Treasury yields and shifting expectations for Federal Reserve monetary policy.
The U.S. Dollar Index (DXY), which measures the greenback against six major currencies, gained 0.2% to 101.37, its highest level since July 28. The advance came even as expectations for additional Fed rate hikes eased after New York Fed President John Williams indicated policymakers did not need to rush their next decision.
Oil prices fell to their lowest level in nearly a week as improving Middle East crude flows offset continued uncertainty surrounding the U.S.-Iran conflict. Preliminary Kpler data showed exports from major regional producers reached 12.8 million barrels per day in September, the highest since February.
President Donald Trump rejected an Iranian proposal to reopen the Strait of Hormuz and denied a report suggesting Washington could ease sanctions and release frozen Iranian assets in exchange for nuclear concessions. However, Qatari mediators are reportedly continuing separate discussions with both sides.
U.S. Treasury yields were volatile, with the 10-year yield briefly reaching its highest level since April 2002 and the 30-year yield hitting its strongest level since June 2002. The bond sell-off later moderated following Williams’ comments.
Meanwhile, the Australian dollar dropped 0.4% to $0.6986, falling below the key $0.7000 level and reaching its lowest point since July 29. The decline came despite the Reserve Bank of Australia raising interest rates by 25 basis points to a 15-year high.
RBA Governor Michele Bullock said policymakers were prepared to increase rates again if necessary to control inflation. However, the widely anticipated hike offered little support to the Aussie as rising U.S. borrowing costs reduced Australia’s yield advantage.
The British pound also weakened, falling 0.2% to $1.3231 and trading near a three-month low. UK Prime Minister Andy Burnham used his Labour Party speech to promise a break from decades of economic policy, including greater public control of utilities and potential reform of the state pension triple lock.
Currency markets remain focused on U.S. interest rates, Treasury yields and geopolitical risks as traders assess the dollar’s next move.
