The dollar rallied the most in four years against the euro this quarter as the Federal Reserve signaled it would continue to raise interest...
The dollar rallied the most in four years against the euro this quarter as the Federal Reserve signaled it would continue to raise interest rates and Europe’s economy languished.
The currency climbed 4.4 percent, the biggest advance since the first quarter of 2001, recouping more than half of the 8.2 percent slide in the previous three months.
It also gained versus the yen, British pound, Canadian dollar and Swiss franc as traders speculated the Fed will accelerate a policy of quarter-point increases in its target rate for overnight loans between banks.
The euro was trading at $1.2958 yesterday, compared with $1.3552 on Dec. 31. The dollar is up 5.2 percent from a record low of $1.3666 per euro on Dec. 30
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About a third of the dollar’s gain came after March 22, when the Fed lifted its rate by a quarter point to 2.75 percent, the seventh increase since June.