Dollar Rises to Four-Month High as Fed Rate-Move Prospects Climb
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Traders are seeing about even odds on a September interest-rate increase in the U.S., pushing a gauge of the dollar to the highest level in more than four months.
The U.S. currency advanced for a third day versus the euro as markets moved closer to the prospect of a 25 basis-point increase in interest rates by the Federal Reserve in September. An ADP report due Wednesday and a Labor Department report Friday are both forecast to show employers added more than 200,000 jobs for a third month in July. The dollar rose after Federal Reserve Bank of Atlanta President Dennis Lockhart told the Wall Street Journal the Fed was close to raising rates next month.