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Dollar hits seven-week high
The dollar rose to reach its highest levels in seven weeks after the Federal Reserve's decision to raise interest rates and its indication of the possibility of further increases in the coming months. This coincided with a rise in U.S. Treasury bond yields, with the two-year bond yield reaching a level not seen since 2024, as the market anticipated a higher probability of a quarter-point rate hike by the end of the year. This led to a decline in the euro and the British pound, while markets remained highly attentive to the Bank of Japan's decision. Meanwhile, statements from the Federal Reserve Chair boosted the credibility of the bank's independence amid ongoing tensions in bond market confidence.
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