As investors expect another rate hike by the Fed later this month, the US dollar came close to hitting its five-week high against the euro today. The Labor Department reported that US monthly wholesale prices were up 0.2% in May while the Commerce Department reported that retail sales rose by 0.1% in May. All of this has been in line with forecasts, thereby furthering the prediction that the Fed will raise interest rates soon. Forbes reports:

The upward shift in US interest rate expectations has helped the dollar, as has the general volatility engendered by this spike up. What has been bad for equities and commodities has benefited bonds and the dollar as they are considered to be less risky assets.

Read more: Dollar near 5-week euro highs on Fed rate hike expectations