The dollar is climbing

The dollar is climbing after stumbling the day before.

The US dollar index was up by 0.4% at 97.32 at 8:35 a.m. ET.

On Wednesday, the Federal Reserve hiked rates and laid out its plan to unwind its $4.5 trillion balance sheet.

“The US dollar gains scored yesterday in response to what appeared to be a more hawkish FOMC than expected have been extended today,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman.

The dollar index fell on Wednesday to its lowest level since October 2016 after a slew of disappointing data: consumer prices fell more than expected and retail sales disappointed in May.

As for the rest of the world, here was the scoreboard as of 8:35 a.m. ET:

The British pound is little changed at 1.2740 against the dollar after the Bank of England kept policy on hold. Although rates were left unchanged, it's notable that the bank's Monetary Policy Committee voted 5 to 3 in favor of holding rates at their current levels. The vote's composition had been expected to be 7 to 1 in favor of a hold. The Australian dollar is little changed at .7578 per dollar after Australia's jobs report crushed expectations. The Australian economy added 42,000 jobs in May, easily beating the addition of 10,000 jobs that economists were anticipating. The Russian ruble is down 0.3% at 57.6226 per dollar, while Brent crude oil, the international benchmark, is weaker by 0.2% at $46.92 per barrel. The euro is down by 0.5% at 1.1160 against the dollar. The Japanese yen is down by 0.6% at 110.19 per dollar.