Economics
Dollar Rallies as Growth Bolsters Interest-Rate Bets
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The dollar rose for a sixth day as a report showed U.S. economic growth accelerated faster than previously estimated, bolstering the case for the Federal Reserve to increase interest rates.
The yen dropped, approaching the weakest level in six years versus the U.S. currency, on speculation Japan’s government will push ahead with changes to allow the nation’s $1.2 trillion pension fund to buy more overseas assets. The euro slumped to a 22-month low, while Russia’s ruble led emerging-market currencies lower. Treasury yields increased, burnishing the attraction of dollar-denominated assets.