Dollar index jumps to two-decade high as traders await Fed rate move - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The dollar hit a fresh two-decade high against a basket of currencies on Tuesday, as traders braced for an aggressive rate hike from the US Federal Reserve this week to try to curb inflation.

Investors have been unsettled this week by rising expectations that the Fed will raise interest rates by more than forecast, sending the S&P 500 tumbling to confirm a bear market and intensified fears over the economic outlook.

The US Dollar Currency Index, which tracks its performance against six other major currencies, was up 0.3% at 105.42, after climbing as high as 105.46, its strongest since December 2002. “Today’s trade is a pretty classic pre-Fed calm, though I doubt it will last, with a hawkish Fed likely to provide the required catalyst for a further leg higher ,”Brown said.

“Intervention remains exceedingly unlikely, given that it would be unilateral in nature. … It would not necessarily stem the tide in terms of where the yen is going ultimately,” Corpay’s Schamotta said.

 

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