The U.S. dollar reached its highest level since November 2022, driven by the Federal Reserve's indication of fewer interest rate cuts in 2025. The dollar index rose to 108.54, marking a two-year high, and was set to end the week with a 1% gain. This surge in the dollar's value was influenced by expectations of sustained higher U.S. interest rates, impacting global currencies and commodity prices. Oil prices fell amid concerns over demand growth in China and the strengthened dollar, with Brent crude settling at $72.94 per barrel, up 6 cents or 0.08%, and West Texas Intermediate at $69.46 per barrel, up 8 cents or 0.12%. Gold prices, meanwhile, were set for a weekly loss despite a slight increase on Friday, as the Federal Reserve's hawkish outlook on interest rates weighed on the market, with gold trading at $2,605.41 per ounce.