Dollar sees largest one-day gain against euro in a month

The dollar rose 1.6 % against the euro on Tuesday, its largest one-day gain since May 19, after a strong new-home sales report and hawkish comments from a Federal Reserve governor shifted investors rate-hike expectations toward the central bank’s September meeting.

The index DXY, -0.13% a measure of the dollar’s strength against a basket of six currencies, was at 95.4070.

Jerome Powell, a voting member of the Fed’s rate-setting committee, said he believes economic conditions may warrant two rate hikes before the end of the year — one in September, and one in December. But, he added, the hikes weren’t a done deal, instead describing them as a “coin flip.”

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