The US dollar soared against major currencies on Friday on growing speculation that the Federal Reserve could soon begin to rein in its bond-buying program and after data showed US consumer sentiment hit a 6-year high in early May. The
The US dollar has fallen precipitously in 2011. The Dollar Index – which tracks the dollar’s value against a basket of currencies that includes the euro, yen, pound, Canadian dollar, Swedish krona, and Swiss franc – has fallen to 75.07.
Gains in commodities in the past week reflect increased global demand as much as the weakness of the U.S. dollar, according to Barclays Plc. The Standard & Poor’s GSCI Index of 24 raw materials headed for an eighth weekly advance