The ICE U.S. dollar index rose Wednesday to its highest level since March 2006 as the dollar rally gained momentum, spurred in part by a strong gauge of service-sector growth in the U.S. economy, ahead of a policy statement from the European Central Bank.The dollar index DXY, +0.03% which measures the greenback’s value against a basket of six currencies, was up 0.34% to 88.94.
The euro EURUSD, -0.05% traded at $1.23, its lowest level since July 2012. It traded at $1.24 late Tuesday.
The dollar USDJPY, +0.09% rose to 119.80 yen, its highest level since July 2007, as speculators drove the currency nearer to the psychologically significant ¥120 level. It traded at ¥119.22 late Tuesday.
The pound GBPUSD, -0.01% traded at $1.57 Wednesday afternoon, having recovered most of its losses from Tuesday’s session.
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