Dollar Extends Gains as Yellen Says Rate Rise Expected This Year

The dollar extended gains as comments by Federal Reserve Chair Janet Yellen boosted demand for the currency after a better-than-forecast inflation report.

The greenback jumped versus the euro and the yen as Yellen said she still expects to raise interest rates this year during a speech in Rhode Island, Providence. The currency erased early losses after a report showed core inflation accelerating at the fastest pace in more than two years.

The Bloomberg Dollar Spot Index, which tracks the greenback versus 10 of its major peers, rose 7 percent to 1,178.01 as of 1:02 p.m. in New York,

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