The dollar gives up its highest level in 16 months |...

The dollar lost its highest level in 16 months on Thursday, losing some of its gains against the euro and the Australian and New Zealand dollars, as investors assessed the latest rally in the US currency and whether it was beginning to dissipate.

The dollar index, which measures the performance of the US currency against a basket of six competing currencies, recorded its highest level since mid-July 2020 yesterday, Wednesday, at 96.226. It was last at 95,694, down 0.1 percent on the day.

The dollar rose in the past weeks as traders bet on tightening US monetary policy.

Stronger-than-expected US inflation data last month and mixed retail sales data this week reinforced these bets.

The euro, which was hovering near a 16-month low, rose 0.1% to $1.1334.

The New Zealand dollar rose 0.6% to $0.7041 after a central bank survey revealed that near-term inflation is expected to increase in the fourth quarter of the year.

Yesterday, sterling rose 0.5% to its highest level in a week against the dollar after inflation rose in Britain in October, which puts pressure on the Bank of England to raise interest rates at its meeting next month.

In Britain, the Sterling last traded at $1.3503, a slight increase on the day.

The Canadian dollar also fell to its lowest level in six weeks. Markets expect the Bank of Canada to raise interest rates early next year.

The Norwegian krone also fell.

The Australian dollar fell to a 6-week low of $0.7263, but later recovered, supported by a rise in the New Zealand dollar, and rose in its latest trading 0.3 percent to $0.7286.

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