Dollar hits 4-month high as investors focus on Fed

TA closely watched dollar index was trading late Friday at its highest level since early March, as weak data from Europe softened the pound and the euro, while the yen retreated from a strong rally a day earlier.

Investors were also turning their focus to next week’s Federal Reserve meeting on monetary policy.

The ICE U.S. Dollar Index DXY, -0.03% a measure of the buck’s strength against a basket of six rival currencies, rose 0.4% to 97.37, its highest level since early March, according to FactSet data.

“We haven’t seen the dollar index this high since the market was projecting the Fed would hike rates,” said Jameel Ahmad, chief market analyst at FXTM.

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