Dollar rallies as bets on June-July Fed rate hike increase

The U.S. dollar hit its highest level against the euro in nearly 10 weeks on Tuesday and rallied against the yen and Swiss franc on increased expectations for an interest rate hike in coming months from the Federal Reserve.

Investors’ anticipation of a rate increase from the Fed in June or July gained momentum following minutes from the central bank’s April meeting released last week and comments on Monday from Fed officials signaling a June hike was firmly on the table.

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