Dollar Soars to Seven-Week High as Fed Raises Rates

The US dollar has surged to a seven-week high following the Federal Reserve's decision to raise interest rates, with more hikes signaled in the future.

According to currency strategist Carol Kong, Federal Reserve chief Kevin Warsh's unexpectedly hawkish tone and guidance on future rate increases pushed the dollar upward.

This shift caused the euro and yen to near their recent lows, as the dollar index reached its strongest level since late July.

Markets are now eyeing upcoming decisions from the Bank of England and the Bank of Japan, with the UK expected to maintain rates and Japan set to increase its rates to a 31-year high.