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Dollar index edges higher as market prices further Fed hikes

The US Dollar Index was up 0.1% near 101.25 and remained close to a two-month high of 101.40, according to FXStreet.

Reported · Written up by our desk · Major Pairs

The US Dollar is strengthening relative to major peers as markets look for additional Federal Reserve interest rate hikes this year, according to FXStreet. At press time, the US Dollar Index (DXY), which tracks the greenback versus six major currencies, was up 0.1% to around 101.25.

FXStreet said the DXY was close to a two-month high of 101.40 set last week. The outlet also reported that the dollar was the strongest against the Australian dollar among the listed major currencies at the time of publication.

Citing the CME FedWatch tool, FXStreet reported an almost 70% chance the Fed will hike rates at the October meeting. The tool also showed a 60% probability of a quarter-to-a-percent hike in both of the remaining policy meetings this year.

Latest closeDollar index 101.25 ▲0.3%

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