Dollar Surges Past Seven-Month High as Japan Raises Interest Rates

The US Dollar Index (DXY) reached its highest level since late July, topping 100.50, after the Bank of Japan raised its interest rate to 1.25%.

This is the highest rate for Japan since 1995, and it's a move that was widely expected by economists.

However, despite this rate hike, the Yen actually weakened against the Dollar, which was seen as a surprise to some traders.

The Bank of England kept its interest rate at 3.75% on Thursday, but the Federal Reserve is expected to raise rates again on October 28, according to futures markets.

This has contributed to the Dollar's strength and has put pressure on other currencies, including the Euro and Yen.