US dollar surges to 14-year high as Fed hints at three rate hikes in 2017

Currencies felt the pain around Asia as investors reacted to unexpectedly bullish comments by Fed chair Janet Yellen

The prospect of three more hikes in US interest rates next year has sent the dollar to a 14-year high and caused a selloff on most Asian markets.

The US Federal Reserve increased rates as expected on Wednesday by a quarter of a point, only the second time it has done so since 2008.

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Dollar Index jumps to 14y high, 10mth peak vs the Yen. https://t.co/qIdAXNEwpC pic.twitter.com/bZWg5XjNB6

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