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Dollar Rises to Highest in 3 Weeks on Yellen Comments

The U.S. dollar rose to the highest level in more than three weeks versus a basket of peers as Federal Reserve Chair Janet Yellen told lawmakers asset valuations in general aren’t out of line with historical norms.

The dollar reached the strongest in a month versus the euro as wholesale prices in the U.S. rose more than forecast and the Fed saw modest to moderate growth in June. New Zealand’s dollar slumped the most in seven weeks after inflation accelerated slower than expected and a gauge of dairy prices dropped to its lowest since 2012. South Korea’s won slid to the weakest since April.