The dollar index edged up to 99.7 on Monday, following a 0.4% decline last week that pushed the greenback to a two-month low. Traders are now awaiting this week’s CPI report for further clues on inflationary pressures, after Friday’s weaker-than-expected jobs report reduced expectations for a Fed rate hike in September. The odds of such a move currently stand at around 46%, down from approximately 64% a week ago, while the probability of the Fed holding rates is seen at about 54%. Meanwhile, traders continued to assess developments in the Middle East and ongoing talks to reopen the Strait of Hormuz, although a deal between the US and Iran appears unlikely in the near term. The dollar was mostly higher against the yen, with the Japanese currency giving back some of its intervention-driven gains while remaining well above the multi-decade low hit late last month.