quarter Investing.com The dollar is rallying, and is now at its highest level since about January.

The US dollar index is up by 0.7% at 99.74 as of 7:35 a.m. ET.

It briefly poked through 100.00 earlier in the morning for the first time since December, and is up against most major and emerging market currencies.

Fed fund futures data compiled by Bloomberg shows an 84% probability the Fed will raise its benchmark interest rate 25 bps at its upcoming meeting.

"It is possible that a strong USD will be worn by the coming administration as a badge of honor – a signal of global confidence in 'Trumpism'. Much more likely, because it is more consistent with trade and manufacturing objectives, policymakers will wish to keep USD strength in check," wrote Alan Ruskin, macro strategist at Deutsche Bank, in a note to clients.

"This is unlikely to translate into an overt attempt to drive the USD weaker. In a world where the US is thinking about pump-priming its full employment economy, the strong USD would need to play a vital role in offsetting inflationary pressures, or the US bond market could go into a tailspin," he added.

As for the rest of the world, here's the scoreboard as of 7:38 a.m. ET: