Dollar soars to finish higher after Lockhart backs Sept. rate hike

The dollar finished higher against its rivals Tuesday, reversing earlier losses after Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, suggested that Fed policy makers are prepared to raise the Fed-funds rate in September.

The ICE U.S. Dollar Index DXY, +0.17% a measure of the dollar’s strength against a basket of six rival currencies, finished 0.4% higher at 97.8740.

The euro EURUSD, -0.1286%  weakened to $1.0884, its lowest level since July 22, from $1.0954 late Monday in New York; the dollar USDJPY, +0.01% strengthened to 124.40 yen, its highest level in a week, from ¥123.97 Monday. The pound depreciated to $1.5562, from GBPUSD, -0.1157%  $1.5618.

The Australian dollar AUDUSD, -0.2168%  was the best-performing currency against the dollar during Tuesday’s session, finishing 1.5% higher at 73.80 cents. It traded at 72.73 cents late Monday in New York.

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