USD Surges as Traders Boost Odds for Interest Rate Hike in March

The US dollar surged in value against the Japanese yen and remained just above 117.00 points for the duration of the Asian trading session after a series of US data, including the US jobs and wage data increased the possibility that the Federal Reserve would be increasing its interest rates again this year. The market odds for an interest rate hike for 2017 increased from 31% to 35%, while the sterling pound dropped in value after UK Prime Minister Theresa May remained steadfast in her decision to remove the UK from the whole of the European Union.