Dollar Extends Gains as Yellen Lays Basis for December Rate Moveby
The dollar rose to an eight-month high against the euro after Federal Reserve Chair Janet Yellen said she is increasingly confident that the economy is growing sufficiently to achieve labor-market improvement and higher inflation, laying the groundwork for a December interest-rate increase if data hold up.
The dollar rose 0.7 percent to $1.0563 against the euro as of 12:32 p.m. New York time, reaching the strongest level since March. It’s approaching $1.0458, a level reached on March 16 that was the strongest since January 2003. The greenback gained 0.6 percent to 123.61 against the yen.