Dollar Hits Seven-Week High on Fed Rate Hike

The dollar has reached its strongest level in seven weeks, driven by the Federal Reserve's interest rate hike and signals of further increases. The dollar index, which tracks the greenback against a basket of currencies, last traded at 100.33, surpassing its previous high on July 31.

The strengthening dollar is putting pressure on other major currencies, with the euro reaching $1.1456, near a seven-week low, and sterling holding steady at $1.3377 ahead of the Bank of England's meeting later today.

Meanwhile, the yen hovered around 156.20 per dollar, close to its two-week low, as markets await the Bank of Japan's decision on Friday. The Australian dollar stood at $0.7096 and the New Zealand dollar held steady at $0.5713.