Optimism about growth driven by artificial intelligence lifted equities and helped the dollar edge higher, though the U.S. currency was mixed against G10 peers. According to Sina Finance, the Bloomberg Dollar Index rose 0.1% on Wednesday.

Brent crude surged again to a high of $111 per barrel as attacks near the Strait of Hormuz threatened shipping. Meanwhile, SpaceX helped lift technology stocks, easing concerns about the sustainability of AI investment. “Everyone is looking for what might be wrong with the AI boom,” said Steve Englander, global head of G10 FX research at Standard Chartered. “If those concerns prove exaggerated and do not affect U.S. economic growth, that would be a major positive for the dollar.”

The euro fell 0.1% to $1.1225. Econostream reported that ECB Governing Council member Martins Kazaks said interest rates may need to rise further if consumer price increases remain elevated. The pound rose 0.1% to $1.3393, approaching resistance at its 55-day moving average, with a key Fibonacci level next to test. Surging gasoline and diesel prices pushed UK inflation to an 11-month high; the increase exceeded expectations and is expected to prompt the Bank of England’s first rate hike in more than three years.

The dollar was little changed at 158.11 yen. The Australian dollar rose 0.3% to $0.7026. Comments by the Reserve Bank of Australia’s deputy governor on the inflation outlook boosted market bets on a rate hike at the November policy meeting.