Economics
Dollar Rises to 7-Week High on Fed Tapering Bet; Aussie Advances
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The dollar rose to a seven-week high after a report showed U.S. manufacturing expanded in August to the fastest pace since June 2011, fueling expectation the Federal Reserve will start cutting bond purchases this month.
The greenback reached a one-month high versus the yen after an Israeli missile test raised concern that conflict in the Middle East was escalating amid the prospect of U.S. intervention in Syria, boosting demand for haven assets. Australia’s dollar rose after the nation’s Reserve Bank held its benchmark rate unchanged. Indonesia’s rupiah slipped to a more-than-four-year low.