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Dollar jumps after Fed pulls interest rate hikes into 2023

Economy13 hours ago (Jun 16, 2021 02:21PM ET)

(C) Reuters. FILE PHOTO: An employee counts U.S. dollar bills at a money exchange in central Cairo, Egypt, March 20, 2019. REUTERS/Mohamed Abd El Ghany

NEW YORK (Reuters) – The dollar jumped against a basket of currencies on Wednesday after the Federal Reserve brought forward its projections for the first post-pandemic interest rate hikes into 2023, citing an improved health situation and dropping a longstanding reference that the crisis was weighing on the economy.

The dollar index, which tracks the greenback against six major currencies, was up 0.41% at 90.901, its highest since May 7.

Dollar jumps after Fed pulls interest rate hikes into 2023

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