Currencies
Dollar Reaches Highest Since November as Traders Pare Fed Rate-Cut Bets
- Economic resilience stymies rate-cut bets, fuels dollar rally
- Yen down more than 5% in 2024 as greenback strengthens broadly
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The US dollar extended its rally as the resiliency of the world’s largest economy pushed traders to curtail the scale of expected interest-rate cuts.
The Bloomberg Dollar Spot Index rose as much as 0.6% on Monday to reach the highest level since Nov. 17, before curbing gains by the end of the day. The dollar has strengthened against all its major peers this year, with the Japanese yen weakening the most in a more than 5% drop.