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Federal Reserve interest rate hike bets heat up, the dollar rises to its highest point since November

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ME News Report. On Tuesday, June 24 (UTC+8), the US dollar hit its highest level since November last year, as traders locked in their expectations that the Federal Reserve will raise rates this year. The Fed’s policy outlook contrasts with that of central banks around the world. Traders currently expect the US to deliver nearly two 25-basis-point rate hikes by early 2027. Jordan Rochester, a strategist at Mizuho International, said, “The dollar has room to rise; ahead of Fed rate hikes, the dollar often strengthens; the market is currently buzzing about the possibility that a rate-hike cycle could begin in September.” Meanwhile, the euro fell to its lowest level in a year, after comments from European Central Bank President Lagarde prompted traders to scale back their bets on rate hikes in the region. The yen remained under pressure as the market believes the Bank of Japan’s pace of rate hikes is insufficient to curb the yen’s decline, keeping traders on alert for potential foreign exchange interventions. (Source: Jin10)
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