Dollar Soars to Seven-Week High on Fed Rate Hike

The dollar has reached a seven-week high after the Federal Reserve raised interest rates and hinted at further hikes. This move has pushed the euro to a seven-week low, while sterling remains steady ahead of the Bank of England's meeting later today.

The dollar index, which measures the greenback against a basket of currencies, last traded at 100.33, its strongest level since July 31. The yen is hovering near a two-week low as markets await the Bank of Japan's decision on Friday.

Investors are keeping a close eye on the Bank of England's meeting today and the Bank of Japan's decision tomorrow, as these developments may have significant impacts on currency values.