The U.S. dollar hovered at 14-month highs against a basket of major currencies early on Wednesday, underpinned by upbeat U.S. data and further supported by a sell-off in the yen and sterling.
The dollar index rose as far as 83.039, reaching levels not seen since July 2013 after data showed manufacturing activity hit a near 3-1/2-year high last month and construction spending rebounded strongly in July.
“This only reinforces our bullish USD view premised on a relative pick-up in the U.S. economy, some more front-end rate support for the USD…as rates re-price to the Fed’s own forecasts,” analysts at JPMorgan wrote in a note to clients.
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