Investing.com - The dollar was hovering near a 14-year high against the other majors currencies on Wednesday, as overall optimism over the U.S. economy and hopes for an upcoming U.S. rate hike continued to support the greenback.
EUR/USD slid 0.31% to a fresh 11-month trough of 1.0690.
The dollar weakened mildly after data showed that the U.S. producer price index rose 0.8% in October, disappointing expectations for an increase of 1.2%.
The core PPI, which excludes food and energy, fell 0.2% last month, compared to expectations for a 0.2% gain.
A separate report showed that U.S. industrial production was flat in October, confounding expectations for a 0.2% increase.
But the greenback remained broadly supported by growing expectations that the Federal Reserve will raise interest rates at its December policy meeting.
The U.S. dollar was also underpinned by hopes that increased fiscal spending and tax cuts under Donald Trump’s administration will bolster economic growth and inflation.
Elsewhere, GBP/USD held steady at 1.2452 after the U.K. Office for National Statistics reported that the claimant count rose by 9,800 in October, compared to expectations for an increase of 2,000.
However, the unemployment rate unexpectedly fell from 4.9% to an 11-year low of 4.8% in the three months to September, confounding expectations for an unchanged reading.
Meanwhile, the U.K. average earnings index rose 2.3% in the three months to September, compared to forecasts for a 2.3% advance. Excluding bonuses, wages rose by 2.4%.
USD/JPY gained 0.28% to 109.52, the highest since June 2, while USD/CHF rose 0.31% to 1.0050.
The Australian and New Zealand dollars pushed lower, with AUD/USD down 1.14% at 0.74757 and with NZD/USD declining 0.59% to 0.7057.
Meanwhile, USD/CAD slipped 0.16% to trade at 1.3427.
In Canada, data showed that manufacturing sales rose 0.3% in September, exceeding expectations for a 0.1% gain, after an increase of 0.9% the previous month.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.27% at 100.48, the highest since December 2015.
Earlier in the session, the index briefly rose above 100.51, a level not seen since April 2003.