The U.S. dollar strengthened to the upper end of the 154 yen range in morning trading in Tokyo, driven by expectations that the U.S. Federal Reserve will raise interest rates after concluding its meeting on Wednesday, September 16, U.S. time. As of noon Tokyo time, the dollar was moving at 154.80-154.81 yen, compared with 154.27-154.37 yen in New York and 154.39-154.40 yen in Tokyo at 5:00 p.m. the previous day. The euro was moving at 1.1541-1.1541 dollars and 178.65-178.67 yen. The CME Group's FedWatch Tool indicates that investors are pricing in as much as a 90% probability that the Fed will raise interest rates by 0.25% after concluding its meeting on Wednesday, in an effort to combat inflation resulting from surging oil prices. Meanwhile, WTI and Brent crude both closed above 100 dollars per barrel on Monday, September 14, after Saudi Arabia announced the closure of the East-West Pipeline due to damage from a drone attack.
CME Group Inc
