Dollar Gains Most Since February on Jobs as Yen Falls Below 100
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The dollar had its biggest rally since February as signs of labor market strength suggested the Federal Reserve may reduce stimulus sooner than its peers, driving the yen lower than 100 for the first time since 2009.
Japan’s currency touched 101.98 against the dollar yesterday, the weakest since October 2008, after a report said domestic investors boosted overseas bond holdings for the first time since March. The Dollar Index rose 1.2 percent during the week, triggering plunges in oil, gold and Treasuries. The Australian dollar dropped below parity with the buck. The Labor Department may report May 16 that the consumer price index declined 0.3 percent in April, according to a Bloomberg survey.