US dollar hits 1 month high as traders eye Fed
Business
The US dollar just climbed to its highest point in a month, with traders watching closely for a possible interest rate hike from the Federal Reserve.
The dollar index nudged up to 101.55, while the euro and the yen slipped a bit against the greenback.
Fed hike odds jump above 36%
Modestly retreated US Treasury yields are keeping the dollar strong, even though lower oil prices have eased some inflation worries.
Market bets on a Fed rate hike jumped from 16% last week to more than 36% now, showing growing confidence that rates might go up soon.
Meanwhile, the Bank of England and the Bank of Japan are likely to keep rates steady for now, but all eyes are on upcoming US economic data for hints about what's ahead in global markets.