The pound rose to the highest level in more than four years against the dollar as Federal Reserve Chair Janet Yellen signaled the U.S. central bank will keep an accommodative monetary policy that has weakened the greenback.
The dollar rose to the strongest since August 2009 against the yen before a U.S. report that analysts said will show employers stepped up hiring last month, adding to signs the world’s biggest economy is gaining momentum.
The dollar rose against the yen, extending its biggest weekly advance this year, amid speculation the Federal Reserve will keep cutting stimulus while the Bank of Japan maintains its bond-purchase plan.
The dollar rose the most against the yen this year as the Bank of Japan maintained its monetary stimulus while Federal Reserve officials backed reductions to bond-buying even as winter weather slows U.S. economic growth.
The pound dropped to a three-week low against the dollar after a U.S. central bank report showed a measure of manufacturing accelerated at the fastest pace in a year, luring investors away from Britain’s currency.
Ernst & Young LLP, in its role as former auditors for Lehman Brothers Holdings Inc. , was sued for civil fraud yesterday by New York Attorney General Andrew Cuomo, who becomes the state’s governor Jan. 1.