Dollar Rises to Highest Level Since July 2020 After U.S. Data
- Bloomberg dollar index has gained more than 2% this month
- Biden’s Fed picks have given U.S. rates, greenback a boost
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The dollar surged to its strongest level in more than a year, driven by a climb in Treasury yields this week following U.S. President Joe Biden’s decision to renominate Jerome Powell as head of the Federal Reserve.
The Bloomberg Dollar Spot Index was up as much as 0.5% after a swath of U.S. economic data was released Wednesday, including figures that showed jobless claims at the lowest level in decades. The move pushed the greenback index to a level last seen in July 2020.