Dollar Rises to 3-Week High as Fed Rate Increase Remains in Play

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The dollar rose to a three-week high after minutes of the Federal Reserve’s last policy meeting suggested the first interest-rate increase since 2006 is still on the table for this year.

The U.S. currency climbed versus all of its major peers as the U.S. central bank outlook contrasted with stimulus in Europe and continuing negotiations between Greece and its creditors. While several Fed officials pushed to raise benchmark rates in June, others argued for later this year and a couple favored holding until 2016.

The dollar strengthened 1.3 percent to $1.0641 per euro, rising for a fourth day in the longest streak in more than a month, as of 2:35 p.m. New York time. The greenback reached the strongest level since March 19.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, added 0.8 percent to 1,202.89.

Source: Bloomberg