The dollar strengthened, pushing the euro toward $1.15 and the yen toward 155.

The ECB has already hiked and at least one more increase is priced this year. The BoE is expected to hold Thursday in a close decision, while the BOJ could raise rates to 1.25% Friday, the highest since April 1995.

Brent traded near $107 as Saudi Arabia’s East-West pipeline remained closed and Iran-Gulf talks over Hormuz were shelved. The disruption is keeping energy costs high and adding another layer of pressure to the global inflation outlook.

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