Dollar Rises After Lockhart, ADP

By Joseph AdinolfiMarketWatch Pulse

The dollar strengthened Wednesday after Atlanta Fed President Dennis Lockhart said he believes there's a compelling case for raising interest rates in December, and a report on private-sector employment showed strong gains. "The fact that even a more dovish member of the Fed is clearly leaning toward a December hike is something that's boosting the dollar," said Matt Weller, senior technical analyst at Forex.com. Lockhart's comments followed similarly hawkish remarks he made two weeks ago. Automatic Data Processing Inc. reported that the private sector added 217,000 jobs in November, the strongest gain in five months. The euro fell to $1.0585, down from $1.0632 late Tuesday. The dollar rose to 123.20 yen, up from �122.87 Tuesday. The ICE U.S. Dollar index broke above 100 to trade just below its highest level since March.

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