The dollar rose by the most in five months against the euro as U.S. stocks surged after better-than-expected data on capital goods orders bolstered the outlook for economic growth.

The greenback advanced against most of its major peers as U.S. stocks staged their biggest rally since 2011 after markets from Asia to Europe fell amid the worst global equity rout in almost four years. The dollar pared gains, and later resumed its climb, after Federal Reserve Bank of New York President William Dudley said the case for raising U.S. interest rates in September is less compelling amid recent market turmoil.

The dollar advanced 1.8 percent to $1.1314 per euro at 5 p.m. in New York, the biggest increase since March 19. It gained 0.9 percent to 119.92 yen, the most since July 10. The Bloomberg Dollar Spot Index rose 0.7 percent to 1,202.94.

Source: Bloomberg