Euro Gains as Central Bank Action Speculation Increases

The euro gained the most in almost three months against the dollar as European Central Bank President Mario Draghi said policy makers were “ready to act” after leaving their benchmark rate at a record low.

The Dollar Index fell to its lowest level in more than a week as investors bet Federal Reserve Vice Chairman Janet L. Yellen and Chairman Ben S. Bernanke would signal increased need for stimulus in appearances today and tomorrow. The yen fell against all its major counterparts amid reduced demand for safer assets. Australia’s dollar rose as the nation’s economic growth exceeded forecasts and investors sought higher-yielding currencies.