The U.S. dollar was little changed as market awaits Wednesday’s Fed rate hike. The dollar index remains near multi-year highs but slightly off the November 24th high of 102.12. The Fed fund futures is currently pricing in a 100% chance of a rate hike, the first hike since last December. The US economic data since the November Fed meeting has been mostly strong and bullish for the US dollar.
The U.S. dollar rallied for an eight consecutive day and approached a key technical resistance barrier. On Wednesday, we heard from 4 Fed members.