According to CoinMeta, and as reported by Reuters, the US dollar rose slightly on Wednesday, supported by tensions in the Gulf region. Markets were watching upcoming economic data from the United States for signals regarding the Federal Reserve's policy direction. Following attacks on shipping reported on Tuesday by Iran-backed Houthi forces in Yemen against the United States, oil prices rose slightly. Tehran stated that the Strait of Hormuz would remain closed unless Washington accepted its conditions. Investors tended to buy the safe-haven dollar as they worried about the increasing impact of the Iranian conflict on the economy. Analysts noted that Friday's US employment data did not have a significant effect on the dollar, and markets expect inflation to drive the Federal Reserve's next interest rate adjustment. Austen Goolsby, president of the Federal Reserve Bank of Chicago, echoed this view on Tuesday, expressing greater concern about high inflation than a weak labor market. Economists predict that later-to-be-released data will show that inflation has picked up last month as oil prices fell amid hopes for a peace agreement with Iran.