Dollar Surges to 13-Month High Amid US Interest Rate Hike Expectations

The US dollar experienced a significant rise in value on Thursday, pushing towards its biggest monthly gains in nearly a year. Traders are betting that the strength of the American economy will support short-term interest rates, pending the release of key inflation data.

This week, the dollar broke through the 1.14 level against the euro, reaching its strongest in 13 months at 1.1325 dollars overnight before stabilizing in Asian trading around 1.1353 dollars.

The dollar's strength also pushed the price of gold below $4000 per ounce for the first time in over seven months and briefly drove the price of Bitcoin below $60,000 for the first time since 2024.