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Dollar rallies to 7-year high as economic outlook brightens

The dollar rose to its strongest level in seven years against the yen, boosted by signs of strength in the U.S. economy as the Federal Reserve considers when to raised interest rates for the first time since 2006.

By Rachel Evans | Updated on November 05, 2014
(Bloomberg) — The dollar rose to its strongest level in seven years against the yen, boosted by signs of strength in the U.S. economy as the Federal Reserve considers when to raised interest rates for the first time since 2006.

Japan’s currency fell versus most of its 31 major peers after Bank of Japan Governor Haruhiko Kuroda said he saw no limit to the steps to defeat deflation. The Bloomberg Dollar Spot Index headed for its highest close since April 2009 as a private report showed employers added more jobs than forecast last month and Republicans took control of the Senate in midterm elections. Russia’s ruble slumped to a record.

“Progress in the labor market has been evident for some months now and it just continues to build,” Richard Franulovich, the chief currency strategist for the northern hemisphere at Westpac Banking Corp. in New York, said by phone. “It reinforces the dollar-positive backdrop.”

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