As we approach this month’s Federal Open Market Committee meeting, all eyes are once again on the Federal Reserve.

Improving economic data has prompted some increasingly hawkish comments by Fed officials ahead of the June 17 decision.

And the probability of a June interest rate increase has jumped from the single digits to more than 30% in the last few weeks.

But while investors hang on every word and movement of the Federal Reserve, I’m watching the dollar.

Or rather, how the greenback reacts to the Fed’s moves.

After falling 8% between January to April, the dollar has jumped 4% in the last month, based on the prospect of a rate hike.

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