Dollar surges to 11-week high as Fed rate cut bets diminish

News Snapshot:

The dollar climbed to its highest in almost three months against other major currencies on Monday as traders clawed back bets the U.S. Federal Reserve would aggressively cut interest rates this year after new economic data further diminished those odds. U.S. services sector growth picked up in January as new orders increased and employment rebounded, suggesting economic growth momentum from the fourth quarter spilled over into the new year. The data added to Friday’s blockbuster U.S. jobs report that far exceeded expectations and forced the market to readjust its outlook for rate cuts, the dollar’s strength and how high Treasury...