The US dollar is set for a weekly drop, with the dollar index at 100.72, as cooling US inflation data led traders to significantly cut expectations for Federal Reserve rate hikes; July hike chances are now 11% from 25%. Despite this, escalating Middle East tensions have spurred some safe-haven demand for the dollar and pushed oil prices to near one-month highs. Fed officials remain cautious, with Vice Chair Philip Jefferson open to rate hikes if inflation doesn't improve. For Pakistani investors, a weaker dollar typically supports international gold prices, while higher oil could impact local inflation and the USD/PKR.
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