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U.S. Dollar Up as Fed Signals December Rate Rise -- Update

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11/08/2018 | 04:06pm EDT

By Gunjan Banerji

The U.S. dollar jumped Thursday as the Federal Reserve suggested that it would likely raise rates at its next meeting.

The WSJ Dollar Index, which measures the U.S. currency against a basket of 16 others, rose 0.4% on Thursday to 90.31. It was on track to snap a three-day streak of declines.

The dollar hit a year-plus high ahead of the U.S. midterm elections as investors sought safety amid turmoil in other markets. It has pared some of its gains since.

The dollar darted higher after the conclusion of the two-day Fed meeting on Thursday. The central bank held interest rates steady but signaled that another rate increase was likely at the next meeting. Rising interest rates can make the greenback more attractive for yield-seeking investors.

The 10-year Treasury yield was recently at 3.235%, according to Tradeweb, up from 3.215% Wednesday. Yields rise as bond prices fall.

The euro was down less than 0.4% to $1.1378. The dollar rose 0.3% against the yen to Yen113.93.

Write to Gunjan Banerji at Gunjan.Banerji@wsj.com

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