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Dollar Near 4-Week High as Fed Raises Economic Assessment

The dollar strengthened to an 11- month high against the yen after the Federal Reserve raised its outlook for U.S. growth, reducing expectations the central bank will begin a third round of bond purchases.

 

 

The yen fell for a second day versus the dollar as the extra yield received for holding two-year Treasuries over Japanese debt increased to the most since July. Norway’s krone dropped to a three-week low as economists forecast policy makers meeting today will signal interest rates will stay on hold. China’s yuan weakened after Premier Wen Jiabao said the exchange rate is likely to see more and larger two-way fluctuations. Full story