Dollar hits 13-month high as Fed rate hike bets strengthen

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The U.S. dollar climbed to its highest level in over a year on Tuesday. Markets are now pricing in a more hawkish stance from the Federal Reserve.

Fed official Austan Goolsbee said he remains focused on inflation. His comments added to expectations that interest rates may stay higher for longer.

A selloff in big tech stocks also boosted the greenback. Investors moved into the dollar as a safe haven.

The dollar was flat against the yen. Traders are watching closely for any sign of intervention by Japanese authorities.

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