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Dollar surges to 2-month high on Fed rate-hike projection

Mount Equity Group Tokyo, Japan > News > Markets > Dollar surges to 2-month high on Fed rate-hike projection
  • Dollar index jumps to two-month high
  • Fed signals earlier than expected rate increases

LONDON, June 17 (Reuters) – The dollar jumped on Thursday and hit a two-month high against a basket of currencies, a day after U.S. Federal Reserve officials surprised markets by projecting a hike in interest rates and end to emergency bond-buying sooner than expected.

On Wednesday, Fed officials projected an accelerated timetable for rate increases, began talks on how to end emergency bond-buying, and said the COVID-19 pandemic was no longer a core constraint on U.S. commerce. read more

A majority of 11 Fed officials penciled in at least two quarter-point rate increases for 2023, adding they would keep policy supportive for now to encourage a labor market recovery.

The dollar index , which tracks the greenback against six major currencies, was up 0.53% at 91.892, its highest since mid April. On Wednesday, the dollar surged nearly 1%, its largest…

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