US$ snaps 3-week loss as rate rise seems imminent

New York

The dollar is back on the upswing.

The US currency snapped a three-week loss on speculation that the Federal Reserve is inching closer to raising interest rates as the economy improves. A gauge of the greenback surged after jobless claims dropped to an almost 15-year low, boosting confidence that the Fed will increase borrowing costs this year for the first time since 2006.