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Dollar Clings to Gains Amid Rate Hike Bets
Global currencies, led by the dollar, have maintained their high levels against major currencies amid market anticipation of the Federal Reserve's decision on raising U.S. interest rates. markets largely expect roughly a 90% chance that the Fed will increase rates by 25 basis points, which supports the dollar and boosts its gains. If the rate hike does not occur, the dollar is expected to decline by more than 1%. Additionally, European currencies such as the euro and the British pound have approached their lowest levels in weeks, following rises in global bond yields, despite no significant changes in the interest rate differentials between countries.
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