U.S. Dollar Ticks Higher Amid Fed Rate Hike Expectations Following Nonfarm Payrolls Release

The U.S. Dollar value inched higher following the release of stronger-than-expected August U.S. nonfarm payrolls numbers which spiked the expectations for a rate hike by the U.S. Federal Reserve in the near-term. However, the slide in crude oil prices due to the absence of any fresh strikes in the gulf, lowered inflationary pressure and weighed on the dollar.

Today, the U.S. Dollar Index DXY, which measures the Greenback against a basket of other major currencies, was last seen trading at 99.16, up by 0.20 (or 0.20%).