A widely watched gauge of the US dollar hit its highest point of 2023 on Wednesday as investors continued to price in more bullish odds that the Federal Reserve is set to quicken the pace of its fight inflation.
The
US Dollar Index
rose to 105.88, the highest level since early December. The index increased modestly, up about 0.1%, during the day after surging by more than 1% on Tuesday. Tuesday's rally in the greenback burned as Fed Chairman Jerome Powell opened the door to a larger-than-anticipated rate increase of 50 basis points at its March 21-22 meeting.