LONDON (Reuters) – The dollar climbed to its highest level in 16 months on Wednesday as investors bought the greenback after Treasury yields extended its overnight gains.
Appetite for risk as evident from stronger stock markets and higher U.S. Treasury yields has lifted the dollar in recent months, setting the greenback on track for a seventh consecutive month of gains.
U.S. private sector payrolls increased by the most in eight months in October, data on Wednesday showed, suggesting overall job growth accelerated this month.
Against a basket of its rivals, the dollar (=USD) (DXY) rose to 97.167, its highest level since June 2016. It was set for its biggest monthly rising streak since April 2015, according to Thomson Reuters data.