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Dollar sets 13-month high as euro struggles on ECB easing expectations

Published on Aug 27, 2014 12:59 PM
 

SYDNEY/SINGAPORE (Reuters) - The dollar hit a 13-month peak against a basket of major currencies on Wednesday, with the euro still struggling amid expectations of further policy easing from the European Central Bank.

The dollar index rose as far as 82.727 at one point, its highest level since July 2013. It was last steady on the day at 82.648.

Data on Tuesday showed orders for U.S.-manufactured durable goods posted their biggest gain on record in July, while consumer confidence rose in August to its highest level since October 2007.

The eye-catching US data, albeit driven by a huge jump in aircraft orders, only served to bolster long dollar/short euro positions - a trade embraced in earnest after recent dovish comments from European Central Bank President Mario Draghi.

 
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