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.