The dollar index is seen struggling near a seven month low on Wednesday morning in Asia in tune with yen surge seen during the last few days. The dollar remained pressured against the yen after Treasury Secretary Scott Bessent warned traders against betting on further weakness in the Japanese currency. However, rising oil prices are intensifying inflation concerns and strengthening expectations for a Federal Reserve rate hike. The better-than-expected US Nonfarm Payrolls (NFP) report also revived bets for a September interest rate hike by the US Federal Reserve (Fed) amid inflation risks stemming from persistently higher energy prices. Investors are also awaiting key US inflation data this week, which could provide further clues on the Federal Reserves policy outlook ahead of next weeks meeting. The dollar index that measures the greenback against a basket of currencies is quoting at 98.48, down marginally on the day.
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