Dollar Rises as Fed Official’s Comments Mute U.S. Economic Data

The dollar rose to an almost two-week high against the euro as a Federal Reserve official’s comment the central bank actions won’t boost economic growth outweighed better-than-forecast data on U.S. home prices and consumer confidence.

The euro gained versus the U.S. currency earlier after European Central Bank Governing Council member Ewald Nowotny said he doesn’t see a need to cut interest rates further at the moment. South Africa’s rand rallied for a third day as investors bought the nation’s assets before an anticipated interest-rate cut. Australia’s dollar fell against all its most-traded counterparts as global stocks and commodities erased gains.