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The dollar rose on Wednesday following US bond yields, boosted for a second straight session by strong economic data released earlier this week.
The dollar index rose 0.18% to 97.400, while the 10-year US Treasury yield rose 3.3 basis points to 1.922%.
"Trading in New York (foreign exchange) was very light on Wednesday, although the (dollar index) hit a one week high of 97.47."
"There is no data to drive the market, although the stronger US bond yields provide some support for the US dollar," said Ronald Simpson, managing director of global monetary analysis at Action Economics
US industrial production rebounded in November, largely because of the end of the General Motors (GM.N) workers' strike. Housing starts and construction permits rose more than expected in November, and job vacancies in October were better than expected, indicating that the U.S. labor market is still strong.
Zhishang's fedwatch tool shows that the Federal Reserve is expected to cut the federal funds rate from the current 1.50% - 1.75% range at its policy meeting in January to 2.2%, 4.3% in March and 11% in April. According to the tool, the probability that the target interest rate will remain at the current level before December 2020 is 52.9%.
"The bottom line is that while the rest of the world is struggling, the U.S. economy is still growing at a steady pace," said Brown Brothers Harriman


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