Dollar Posts Biggest Gain in a Decade on Fed View; Ruble Sinks

The dollar posted its best year since at least 2005 amid speculation the Federal Reserve will raise interest rates next year as policy makers in Europe and Japan ease further.

The greenback climbed versus all of its 31 major peers in 2014 as data showed growth in the U.S. economy accelerated to the fastest pace in more than a decade. The yen tumbled for a third straight year as the Bank of Japan expanded currency-depreciating stimulus in an effort to overcome deflation. The euro slid amid mounting expectation that the European Central Bank, which next meets on Jan. 22, will start buying sovereign bonds. Russia’s ruble led the currencies of oil exporters lower.