Dollar holds monthly high on Fed rate expectations

The dollar index edged up in early trading as markets weigh the possibility of a rate rise at the Fed’s next meeting.

Staff Writer
US dollar bills on laptop with financial graph in background, symbolizing wealth and technology.

Article summary

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The dollar held near a one-month high in early trading as markets factor in a possible rate rise at the Fed's next meeting. The dollar index rose to 101.55, while Bitcoin and Ether both fell.

Key points

  • Dollar index rises 0.03% to 101.55 in early trading
  • Bitcoin drops 1.88% to $63,694.59
  • Ether falls 2.83% to $1,890.30

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The dollar held near its highest level in a month during early trading, with markets pricing in the possibility of a rate increase at the Federal Reserve’s upcoming meeting.

The dollar index, which tracks the currency against a basket including the yen and the euro, rose 0.03% to 101.55. The euro slipped 0.01% to $1.1366, while sterling fell 0.02% to $1.3284.

Against the yen, the dollar gained 0.05% to 163.82. Among other major currencies, the Australian dollar dropped 0.11% to $0.6981, and the New Zealand dollar fell 0.12% to $0.5766.

In crypto markets, Bitcoin declined 1.88% to $63,694.59, while Ether shed 2.83% to $1,890.30.