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Hedge Funds Drawn to Dollar Rally in Longest Stretch Since 2013

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The dollar is holding on to a rally that’s taken it to the verge of a decade high, drawing in speculators who have added to their investments backing the greenback with a constancy unsurpassed for more than two years.

A gauge of the U.S. currency climbed on Monday and was within 1 percent of the highest close since at least 2004, as futures traders saw a better than 50 percent chance the Federal Reserve will raise interest rates next month for the first time in nine years. Large speculators and hedge funds added to bets on the dollar’s rally for seven weeks through Aug. 4, data reported Friday showed, the longest streak since March 2013.