Dollar Near Three-Week High on Positive Data

The U.S. Dollar (USD) rose on Thursday to its highest level in about three weeks, as positive economic data showed a drop in jobless claims, the biggest surge in private payrolls in about a year, and an improvement in the services and manufacturing sectors.

Moreover, markets are anticipating tomorrow’s release of the May jobs report, which might give an indication of how the Federal Reserve could be setting its monetary policy in the coming meetings, based on how much “substantial further progress” is made towards achieving its goals.

The Dollar Index (DXY), which measures the greenback’s performance against a basket of six major international currencies, is up for the day by about 0.65% at 90.49.

Earlier today, the index surged as high as 90.55, while its lowest level was at 89.89, after closing yesterday at 89.91.