Dollar Falls as Yellen Says Economy Still Needs Fed’s Stimulus
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The dollar fell the most in three weeks as Federal Reserve chairman nominee Janet Yellen said the economy must improve before monetary stimulus can be trimmed.
The pound gained after the Bank of England improved its outlook for unemployment in its quarterly inflation report. The euro erased losses against the dollar amid bets the decline was excessive as traders bet that the European Central Bank won’t embrace quantitative easing anytime soon. The dollars of commodities producers Canada, Australia and New Zealand all climbed after Yellen’s announcement. U.S. stocks rose to a record.