Dollar holds near multi-month high after Fed's hawkish tilt

The dollar held near multi-month peaks against other major currencies on Monday, after the U.S. Federal Reserve surprised markets last week by signalling it would raise interest rates and end emergency bond-buying sooner than expected.

The dollar index, which tracks the greenback against six major currencies, stood at 92.232 after gaining 1.9per cent last week, its biggest rise since March 2020.On Friday, it jumped above key resistance around 91.95, marking a 61.8per cent retracement from its decline to 89.53 earlier this month from an April peak of 93.439.

"That wasn't to be, and it seems technical resistance means very little when this type of re-positioning event plays out."AdvertisementThe Australian dollar wobbled at US$0.7503, having dropped to as low as US$0.7478, a low last seen in December. The jolt to foreign exchanges was triggered on Wednesday by Fed forecasts showing 13 of the 18-person policy board saw rates rising in 2023, versus only six previously, with the median board member tipping two hikes in 2023.Investors' risk appetite took another hit after St. Louis Federal Reserve President James Bullard said on Friday that the U.S.

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