Dollar Rises on Speculation June Jobs Gains to Bolster Outlook

The dollar rose from almost an eight-week low against a basket of peers as a stronger-than-forecast private jobs report boosted optimism that nonfarm payroll data tomorrow may show the U.S. economy is gaining traction.

The euro dropped to a 21-month low versus the pound after French Prime Minister Manuel Valls said the European Central Bank needs to go further to weaken the shared currency before policy makers meet in Frankfurt tomorrow. The greenback remained higher as Federal Reserve Chair Janet Yellen said there is no need to change monetary policy to address financial stability. Australia’s currency tumbled after the trade deficit widened more than economists forecast, while Brazil’s real fell the most in two weeks.