On July 29, the U.S. dollar index fell 0.04 percent to 101.38 while markets assigned a 36 percent probability to a 25-basis-point Federal Reserve rate increase. Joint U.S.-Saudi strikes hit Iran-backed targets in Iraq hours after U.S. forces reported thwarting an Iranian attack on American troops. Analyst Kyle Chapman described the Fed outcome as difficult to predict and likely to involve a hold accompanied by hawkish language.