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The dollar gained versus all of its 16 most-traded peers amid speculation about whether Federal Reserve Chairman Ben S. Bernanke will say this week the central bank is willing to provide more stimulus for the economy.
Currencies of higher-yielding countries including New Zealand and South Africa fell as stocks fluctuated, damping risk appetite. Equities gained earlier amid bets Bernanke will say Aug. 26 at a conference in Jackson Hole, Wyoming, that the Fed will take additional steps to spur the economy that may include a third round of debt purchases, or quantitative easing.
“The market is starting to retrace risk ahead of Friday’s Jackson Hole speech, and the dollar has got a bid,” said Jack Spitz, managing director of foreign exchange at National Bank of Canada in Toronto. “As we get closer to Friday, the market will come to the conclusion that Bernanke’s speech will likely not include QE3, but will probably allude to it, that it’s a potential and will be left on the table.”
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