Dollar Set for Best Week Since June on Expected Fed Tighteningon October 1, 2021 at 11:53 am

LONDON—The dollar began the last quarter of 2021 near its highest levels of the year, and was headed for its best week since June as investors expected a hawkish-sounding Federal Reserve to lift U.S. interest rates sooner than its major peers. Cautious market sentiment due to COVID-19 concerns, wobbles in China’s growth, and a Washington gridlock ahead of a looming deadline to lift the U.S. government’s borrowing limit also lent support to the dollar which is seen as a safe-haven asset. Refinitiv’s measure of the dollar index stood at 94.313, having gained 1.1 percent so far this week, the largest weekly rise since late June. Dollar index set for best week since June “Last week’s Fed meeting added fresh life into the debate about a potential hike in the Fed funds rate in 2022,” said Jane Foley, head of FX strategy at Rabobank. “This is positive for the USD on …

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