The dollar rose against major currencies during Monday's trading, supported by expectations that the Federal Reserve will cut interest rates at its September meeting, especially after Fed Chairman Powell's speech at the Jackson Hole Symposium last weekend.
The dollar index, which measures the performance of the US currency against a basket of six major currencies, rose 0.28% to 97.99 points at 1:59 PM Mecca time.
The euro fell 0.24% against the US currency to $1.1690, and the pound sterling fell 0.24% to $1.3493. However, the dollar rose 0.33% against the Japanese yen to 147.42 yen.
Markets currently expect a 91% probability of the Fed cutting interest rates by 25 basis points at its monetary policy meeting on September 16th and 17th, according to the CME Group's FedWatch tool.
These expectations increased after Powell pointed in his speech to the risks threatening the labor market and the impact of tariffs on consumer prices
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