Economics
Dollar Rises to Seven-Week High as Traders Warm to Fed Repricing
- Greenback rises versus emerging markets, most of G-10 peers
- Odds of June Fed rate move tripled since May 16, futures show
September Fed Rate Hike Odds Jump to Nearly Fifty Percent
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A gauge of the dollar strength reached a seven-week high as comments from Federal Reserve officials prompted currency traders to boost their expectations for monetary tightening.
The greenback rose against most of its Group-of-10 peers before Wednesday’s release of minutes from the Federal Open Market Committee’s April meeting. Emerging-market currencies slumped on the prospect of higher U.S. interest rates, with South Africa’s rand, the Brazilian real and the Russian ruble pacing declines.