Dollar hits 13-month high as rate-hike bets, stock rout boost demand

The US dollar index climbed to 101.51, a 13-month high, as expectations of a Federal Reserve rate hike and a global selloff in technology and semiconductor stocks drove safe-haven demand. Markets are now pricing in a 36% chance of a rate hike at the July Fed meeting, up from 8.5% a week ago, with September hike odds above 70%. The yen weakened to 161.55 against the dollar, nearing its weakest level since 1986, while the euro hovered near a one-year low at around $1.1363.