Dollar Gains as Fed Official Discusses Stimulus-Taper Decision

The dollar rallied against the majority of its most-traded counterparts as Federal Reserve Governor Jeremy Stein said the central bank may make a decision in September about tapering monetary stimulus.

The yen fell to the weakest level versus the dollar since June 6 and 10-year Treasury yields rose as Fed officials sought to clarify policy on providing stimulus to the world’s biggest economy. The euro reversed gains and the International Monetary Fund said the currency made up the smallest share of allocated central-bank reserves since 2004.