Forex
Dollar Surges as Fed Hike Expectations Grow
The US dollar has climbed to its highest level in almost two weeks against its major peers ahead of the Federal Reserve rate decision and the Bank of Japan meeting later this week.
According to CME FedWatch, the market is pricing in a 92% probability of a 25-basis-point rate hike, taking rates to 3.75%-4%, up from 85% yesterday.
The dollar's rise has also come amid renewed gains in oil prices, which have pushed Treasury yields higher, reinforcing expectations for tighter US monetary policy.