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Dollar rises after Federal Reserve comments on interest rate hike


economy

Dollar rises after Federal Reserve comments on interest rate hike

The dollar rose to its highest in more than three months on Wednesday. The jump came after a Federal Reserve official said the central bank was close to raising interest rates – the first for almost a decade.

Global bond yields rose and the dollar’s strength kept gold prices anchored near recent five-year lows, though oil clawed back a small part of its 20 percent losses in the past month.

“A rate hike cometh – time for the market to play catch up,” was the reaction of one analyst.

The dollar index which measures its value against six major currencies rose to 98.218 DXY – its highest since April 23.

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