Dollar edges higher on outlook for rate hike, jobs report

The U.S. dollar on Tuesday moved higher against most of its main rivals fueled by optimism ahead of Friday’s nonfarm payrolls report along with rising interest-rate hike expectations.

The ICE U.S. Dollar Index DXY, +0.09% a measure of the dollar’s strength against a basket of six rival currencies, rose 0.3% to 97.19 late Tuesday in New York.

Federal Reserve policy makers suggested that an interest-rate increase could happen at their December meeting as long as economic data doesn’t deteriorate further. That prospect has helped underpin a move higher in the greenback since higher rates increase the return of dollar-based deposits, lifting the dollar’s appeal to traders.

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