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Currencies: Dollar shoots higher as Fed’s Harker says March hike ‘is on the table’

The dollar shot higher against other major currencies on Tuesday, helped by hawkish comments from a Federal Reserve official who emphasized a March rate hike is possible.

The ICE Dollar Index DXY, +0.73% jumped 0.8% to 100.69, trading around its highest level since Jan. 31.

After a bit of weakness in Asian trade, the dollar rose against the yen USDJPY, +0.46% , buying ¥112.33, compared with $111.75 late Monday in New York.

The yen has enjoyed a strong run recently, as rising concerns over the political climate in the U.S. and Europe have spurred investors to move into assets considered more safe, including the Japanese currency.

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