Economics
Dollar Climbs as Cautious Consumers No Obstacle to Fed Rate Rise
- Greenback extends gains as PPI is weaker than forecast
- Euro slumps amid data showing slower growth in the region
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The dollar rose on speculation that weaker-than-forecast U.S. economic reports won’t stop the Federal Reserve from raising interest rates in December.
The currency strengthened against most of its major peers even as American consumer purchases were less than forecast last month and wholesale prices unexpectedly declined. The greenback gained earlier versus the euro as data showed economic growth in the currency bloc unexpectedly slowed in the third quarter, boosting expectations for further monetary easing from the European Central Bank.