Dollar set for biggest weekly jump since March as Fed rate hike bets surge

Energy and shipping woes are powering the dollar surge

The U.S. dollar climbed to a two-month high, on track for its largest weekly gain in more than two months. Fueling the move were rising energy prices and shipping disruptions that are stoking inflation fears, alongside firmer growth signals such as retail sales and stable jobless claims. Those factors have pushed markets to price a December Fed rate hike more aggressively. Meanwhile, the U.S.-China summit delivered cautious signals, with attention on Strait of Hormuz reopening and possible Chinese interest in U.S. oil.