The U.S. dollar reached its highest level against a basket of major currencies for almost 14 years. Donald Trump's election victory drove debt yields higher on expectations of more fiscal spending, price growth and a faster pace of monetary tightening.
The dollar index, which measures the greenback against a basket of six major currencies, was last up 0.8 percent at 101.690.DXY. The dollar was also helped by yesterday’s data. The U.S. third quarter GDP revised up and November consumer confidence come in stronger than expected.
The Bank of Japan's decision in September to target zero percent yields for longer-dated debt has played into a broader sense. The yen's rally may now be done after a series of failures to break past 100 yen per dollar.