The US dollar hit an 11-and-a-half year high after it gained half a per cent on the dollar index, rising past the 98 mark.
The measure pits the dollar against a selection of other currencies and it shows the dollar has risen by 34 per cent since September 2003. The latest bump came during the Asian trading session.
The US currency’s jump came after drops in other currencies, with the New Zealand dollar, Korean won and Australian dollar all down. In the case of the NZ dollar, the cause was a dairy poison panic, while in Australia the ripples from weak inflation data from China hit home.
Also adding to the mix was a speech by the soon-to-be-ex president of the Dallas federal reserve, Richard Fisher. Fisher gave a hawkish speech in which he said the Federal Reserve’s credibility would be called into question if interest rates aren't raised soon.