NEW YORK—The dollar hit a five-year high on Wednesday before the Federal Reserve next week is expected to hike rates, while the euro weakened on growth concerns after Russia cut off gas supplies to parts of the region.
The dollar has gained on expectations that the U.S. central bank will be more hawkish than peers. The Fed is expected to increase rates by 50 basis points at its May 3–4 meeting, as well as in June and July.
