LONDON/SINGAPORE—The dollar rose slightly on Wednesday, continuing to trade near six-week highs on the back of strong economic data.
Survey data released on Tuesday showed U.S. business activity unexpectedly rebounded in February to reach its highest in eight months. In the eurozone, a survey-based gauge of activity also surged, hitting a nine-month high.
The signs of economic strength caused traders to pencil in further interest rate hikes from the Federal Reserve on Tuesday, driving the U.S. S&P 500 stock index 2 percent lower and the dollar up 0.3 percent.
On Wednesday, the euro was down 0.15 percent at $1.063, just above Friday’s six-week low of $1.061….