Dollar Eyes Largest Monthly Rise
The dollar experienced a strong rally, heading toward its biggest monthly gain in nearly a year, backed by strong expectations that the strength of the U.S. economy will support an increase in short-term interest rates as investors await key inflation data. It surpassed the 1.14 level against the euro, reaching its strongest point in 13 months at 1.1325 dollars, and neared its highest level in over four decades against the yen at 161.73 yen. The dollar index also hit its highest level in 13 months at 101.8. It rose against the British pound, while other currencies such as the Australian dollar and the New Zealand dollar declined.
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