The United States dollar jumped 0.59% on Friday afternoon, hitting 99.69 and setting up for its largest daily advance in 10 weeks. The surge followed comments from Federal Reserve Chair Kevin Warsh hinting at potential interest rate hikes. Traders priced in a 57.5% probability of a 25 basis point rate hike at the September FOMC meeting, up from 35% prior to the speech.
US dollar jumps as Warsh hints at rate hikes
The US dollar rose strongly toward a weekly gain on Friday after Federal Reserve Chair Kevin Warsh hinted that further interest rate hikes may be needed. Markets reacted by increasing expectations for a September rate increase.
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