Dollar Drops as China’s Rate Boost Fails to Quell Risk Appetite
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The dollar fell against most of its major counterparts as China’s interest-rate increases failed to quell investors’ appetite for higher-yielding assets.
The euro rose versus 12 of its 16 most-traded peers as signs of normality in Egypt’s financial market damped concern unrest in the region would intensify. Brazil’s real and New Zealand’s dollar, currencies tied to global growth, were the top performers. The yen erased an advance versus the greenback as Treasury yields extended gains after a $32 billion note sale.