Dollar nears 7-month high on confidence of Fed hike

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Dollar nears 7-month high on confidence of Fed hike

The dollar held near its highest level since March after advancing against all of its developed market peers last month amid increased confidence the Federal Reserve will raise interest rates this year.

The Bloomberg Dollar Spot Index had its best October since 2008, surging 2.2 percent, as the market-based probability of the Fed tightening monetary policy by the end of December climbed to more than 70 percent from under 60 percent at the end of September. Data showed U.S. consumer spending rose in September by the most in three months as incomes grew, backing the case for higher borrowing costs. Bloomberg

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