Economics
Dollar Weakens on Bernanke; Emerging Currencies Advance
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The dollar dropped by the most since October 2011 after Federal Reserve Chairman Ben S. Bernanke said the U.S. economy still requires monetary stimulus to bolster growth and lower unemployment.
The greenback fell versus all but one of its 16 most-traded peers after minutes of the Fed’s June meeting released yesterday showed many policy makers wanted more signs the labor market is improving before slowing bond purchases. Emerging-market currencies rallied and stocks and U.S. Treasuries gained. The yen strengthened after the Bank of Japan boosted its view of the economy and refrained from adding stimulus.