Expected rate hikes strengthen dollar

The U.S. dollar headed to maintain its highest levels in 8 days, supported by inflation data and the U.S. economic performance that strengthened expectations of interest rate hikes by the Federal Reserve. Data from a report by the Department of Commerce showed the Personal Consumption Expenditures (PCE) index increased by 3.7% over 12 months until July, slightly above expectations, with a monthly rise of 0.2%. The dollar index against a basket of currencies also rose to 99.13 points, the highest level since August 19, amid anticipation of speeches by economic officials and policymakers who may decide on future interest rate adjustments.

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