Economics
Dollar Rallies to Decade High as U.S. Growth Remains on Track
- Some Fed officials saw rate hike relatively soon, minutes show
- Reports on durable goods orders, jobless claims back case
This article is for subscribers only.
The dollar rallied to the highest in more than a decade after government reports showed U.S. economic growth remains intact, supporting the case for higher interest rates.
The U.S. currency rose against most of its major peers as Federal Reserve officials said the labor market has tightened, with some indicating a rate hike should happen in December, according to minutes of their November gathering released in Washington. Orders for business equipment climbed in October for the fourth month in the last five, while sales also advanced, helping to extend the greenback’s gains since the Nov. 8 presidential election of Donald Trump.