Dollar Trades Near Four-Year High Versus Yen After Fed's Philadelphia Data

(Bloomberg) -- The dollar rose to near the strongest
in more than four years against the yen after a Federal Reserve
report showed manufacturing in the Philadelphia area accelerated
in June at the fastest pace in more than two years.

The U.S. currency capped its gain versus the yen and euro as
yields on two-year Treasuries erased an advance on concern losses
at hedge funds run by Bear Stearns Cos. may increase, dimming the
allure of dollar-denominated assets.


Read more at Bloomberg Currencies News