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US Dollar Reaches 6-Week High, Signaling Economic Boost

Money

The value of the US dollar has advanced to its highest levels in six weeks, signaling a boost in the economy compared to slow growth elsewhere in the global sphere.

Bloomberg’s dollar index rallied 0.5% this afternoon, the highest it's reached since June 12. The improvement has also sparked chances for a rate hike this year, Bloomberg reports.

Investors estimate an 8% chance that the Federal Reserve will raise rates at its July 26 through July 27 meeting, though futures data shows a 42% chance of a coming rate hike. Last December marked the first rate hike, from .25% to .50%, the country's seen since 2006. [Bloomberg]