Dollar Holds Near Multi-week Highs Ahead Of Expected US Rate Hike
The dollar rose alongside bond yields overnight, trading near multi-week highs against several major currencies as markets awaited a US Federal Reserve decision that traders expect to deliver the first interest rate hike in a potential series of increases in borrowing costs.
The dollar strengthened significantly against the yen and New Zealand dollar, with the kiwi reaching a two-month low of $0.5749 and the yen weakening to a one-week low of 155.43 per dollar. The euro traded at $1.1535, close to its one-month low of $1.1523, while sterling stood at $1.3470, not far above its six-week low of $1.3464. The Australian dollar remained steady at $0.7126.
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