2016.10.2323:22:00UTC+00Dollar Index Nears 8-Month Highs

The dollar was near an eight-month high against a basket of currencies, bolstered by expectations of a rate hike by the U.S. Federal Reserve at the end of the year. The dollar index was at 98.696.

The U.S. dollar was slightly higher against the Japanese yen by 0.1 percent to 103.89. Latest data from Japan has shown that trade balance fluctuated to a surplus of 498.3 billion yen ($4.8 billion), against the median estimate of 341.8 billion yen surplus. According to San Francisco Fed President John Williams, "it makes sense to get back to a pace of gradual rate increases, preferably sooner rather than later." Interest rates futures assigned around a 70 percent likelihood that the Fed will raise interest rates by year-end.