Dollar rises on rate hike expectations ahead of Jackson Hole

The US dollar strengthened on Monday following the release of several economic indicators, including inflation data that slightly increased expectations of a Federal Reserve interest rate hike ahead of this week's annual Jackson Hole symposium for central bank officials.

The dollar index, which tracks the greenback against a basket of major currencies, rose 0.21% to 99.12 points, heading for its biggest daily gain since August 6. Meanwhile, the euro slipped 0.16% to $1.1655.

The Japanese yen fell 0.11% against the dollar to 159.34 yen per dollar, while the British pound declined 0.35% to $1.3601, on track for its largest daily drop since August 3.