Dollar Reaches Two-Month High as Fed Rate Hikes Loom

The US dollar has reached its highest level in two months as investors anticipate further interest rate hikes from the Federal Reserve. The strong economic data and hawkish shift in Fed rhetoric have fueled expectations of additional tightening, sending the dollar soaring.

The Swiss Franc fell against the euro and the dollar after the Swiss National Bank left rates unchanged, but reiterated its willingness to intervene in foreign exchange markets to counter excessive franc strength.

The Norwegian crown rose by 0.57% against the dollar following a central bank decision to raise policy interest rates by 25 basis points to 4.50%, with further hikes possible.