Fed action strengthens the dollar
The US Federal Reserve has raised interest rates for the third time this year and intends to continue.
The US dollar updated a high in 20 years after another interest rate hike by the US Federal Reserve, he reports Reuters.
The US Federal Reserve raised interest rates by 75 basis points for the third time, to 3-3.25%.
Against this backdrop, the dollar index, which measures the relationship between the dollar and a basket of securities, recently updated its 20-year high to 111.72.
The euro fell to a 20-year low of $ 0.9807. The yen briefly hit a 24-year low.
Gold fell 1%. The pound, the Australian, the kiwi, the Canadian dollar, the Sing dollar and the yuan all hit significant lows. S&P 500 futures fell 0.6% and European futures 2%.
Also, against the backdrop of the Fed’s decision, oil prices are rising. Brent futures rose 0.37% to $ 90.16 a barrel. US West Texas Intermediate (WTI) Oil was up 0.35% to $ 83.23.
Previous time The Fed raised interest ratesat the end of July.