Dollar Rises With U.S. Yields Before Fed Minutes

The dollar rose as Treasury yields increased from almost six-month lows before the release of minutes from the Federal Reserve’s April meeting.

The pound rallied as retail sales jumped more in April than economists forecast and the Bank of England said the case for interest-rate increases is becoming more balanced. The yen reached a three-month high earlier after the Bank of Japan refrained from expanding stimulus that tends to weaken a currency and said it projects a moderate economic recovery will continue.

The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, rose 0.1 percent to 1,009.95 as of 9:13 a.m. New York time.

The U.S. currency added 0.3 percent to $1.3664 per euro. The yen was little changed at 101.31 per dollar, after reaching 100.82, the strongest level since Feb. 5. Japan’s currency appreciated 0.3 percent to 138.42 per euro after touching 138.15, the most since Feb. 6.

Treasury 10-year note yields rose three basis points, or 0.03 percentage point, to 2.54 percent. The yield reached 2.47 percent on May 15, the lowest level since October.