The dollar is spiking against rival currencies as Fed boss Powell delivers tough talk on rate hikes

• A key dollar benchmark reached its highest so far in 2023 on Wednesday. 
• Investors are preparing for the Fed to ramp up the pace of interest rate hikes. 
• The dollar has inflicted "technical damage" to some of its rivals, says one strategist. 

A widely watched gauge of the US dollar hit its highest point of 2023 on Wednesday as investors continued to price in more bullish odds that the Federal Reserve is set to quicken the pace of its fight inflation.