Framing Analysis
The dollar index reached 101.63 on Tuesday before closing at 101.46 on Wednesday, with the euro and sterling posting small declines. Joint U.S.-Saudi strikes targeted Iran-backed groups in Iraq hours after an averted Iranian attack on U.S. troops. Markets assigned a 36 percent probability to a 25-basis-point Fed rate hike, while the Canadian dollar gained modestly ahead of Bank of Canada minutes.