Dollar near one-month low as cooling inflation curbs Fed hike bets

The US dollar index hovered near a one-month low at 100.47 after June producer prices unexpectedly fell by the most in 14 months, reinforcing signs of cooling inflation. Markets slashed July Fed rate hike odds to 11 percent from 45 percent earlier in the week, though September still sees roughly even odds of a 25 basis-point hike. Brent crude held near a one-month high at 85.28 dollars a barrel amid escalating US-Iran tensions, keeping inflation risks in focus.