Dollar Soars Higher On Rate Increase

Dollar soars higher as Fed’s Harker says March hike ‘is on the table.’

The dollar soars higher against other major currencies on Tuesday.  The move was helped by hawkish comments from a Federal Reserve official.  He emphasized that a March rate hike is possible.

The yen has enjoyed a strong run recently.  Rising concerns over the political climate in the U.S. and Europe have spurred investors to move into assets considered safer.  This class includes the Japanese currency.

However, attention turned late Monday to the path for U.S. interest rates.  This after Philadelphia Fed President Patrick Harker said that he could support raising interest rates at the central bank’s March meeting.

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