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The dollar clung to seven-week highs against major currencies on Tuesday as investors ponder the outlook for U.S. rates after a strong jobs report last week dashed bets for large rate cuts, while escalating tensions in Middle East dented risk sentiment.

The dollar clung to seven-week highs against major currencies on Tuesday as investors ponder the outlook for U.S. rates after a strong jobs report last week dashed bets for large rate cuts, while escalating tensions in Middle East dented risk sentiment.

Traders have drastically shifted their monetary easing expectations from the Federal Reserve this year.

Markets are no longer fully pricing in a rate cut in November and are ascribing an 86% chance of a 25 basis points reduction, the CME FedWatch tool showed. Just 50 bps of easing is priced in by December, down from over 70 bps just a week earlier.

That has kept the dollar on the front foot and surging to a multi-week high against the euro, sterling and the yen.

The dollar index , which measures the U.S. unit against major rivals, last fetched 102.41, just below the seven-week high of 102.69 it touched on Friday.

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