Dollar rises for fourth day to highest level since July

  • The dollar index rose 0.1% for a fourth straight session to its highest level since July.
  • The Federal Reserve raised its target range by 25 basis points to 3.75%-4.00% and left at least one further increase possible this year.
  • Eurozone composite PMI rose to 53.1 from 52 in August, while Bitcoin gained more than 1% to about $87,200 despite weaker short-term price-target confidence.

The dollar index rose 0.1% for a fourth consecutive session to its highest level since July as markets increased expectations for further Federal Reserve tightening. The U.S. central bank raised its federal funds target range by 25 basis points to 3.75%-4.00% and indicated that at least one additional increase could be possible this year. U.S. stocks opened lower, oil fluctuated amid U.S.-Iran tensions, and Bitcoin rose more than 1% to about $87,200, although Bitcoin sub-markets showed declining confidence in higher short-term price targets. Eurozone private-sector activity expanded at its fastest pace in more than three years, with composite PMI rising to 53.1 from 52 in August.

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