Dollar gains as Senate confirms Kevin Warsh as Fed Chair
The dollar rose as investors priced in rate hikes under new Fed Chair Kevin Warsh. Meanwhile, the Trump-Xi summit began with a focus on making trade progress.
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The United States dollar rose for a fourth day as investors priced in a 35% chance of a December interest rate hike. Treasury yields climbed after April producer prices posted their biggest increase in four years. Higher borrowing costs strengthen the greenback's appeal relative to lower-yielding currencies like the euro and yen.
