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In general rate hikes are good for a currency and inflation is bad. A rate hike increases the relative return of a currency and will attract new funds thereby making it stronger. Inflation erodes a currency's purchasing power over time and thus will have the opposite effect. The key is whether the market believes the Fed will be serious about keeping inflation under control.
Imo the Fed would rather let inflation run and erode the currency than crash the economy by putting up short(and long, therefore mortgage) rates.
Should be good for gold, but the Crypto currencies might take away a bit of the action.