The ICE U.S. dollar index rose Wednesday to its highest level since March 2006 as the dollar rally gained momentum, spurred in part by a strong gauge of service-sector growth in the U.S. economy, ahead of a policy statement from the European Central Bank.
The dollar index DXY, +0.03% which measures the greenback’s value against a basket of six currencies, was up 0.34% to 88.94.
The euro EURUSD, -0.05% traded at $1.23, its lowest level since July 2012. It traded at $1.24 late Tuesday.
The dollar USDJPY, +0.09% rose to 119.80 yen, its highest level since July 2007, as speculators drove the currency nearer to the psychologically significant ¥120 level. It traded at ¥119.22 late Tuesday.
The pound GBPUSD, -0.01% traded at $1.57 Wednesday afternoon, having recovered most of its losses from Tuesday’s session.
January gasoline RBF5, +0.72% retreated less than a penny, or 0.3%, to settle at $1.8070 a gallon on Nymex. That was gasoline’s lowest settlement since October 2009. January heating oil HOF5, +0.61% lost 2 cents, or 1%, to finish at $2.1334 a gallon on Nymex.
Natural gas for January delivery NGF15, -0.32% fell 7 cents, or 1.8%, to end at $3.8050 per million British thermal units. Natural-gas futures have ended lower for five straight sessions.
Crude-oil futures rose Wednesday, picking up more steam after a U.S. government-supply report showed an unexpected decline in crude inventories.
On the New York Mercantile Exchange, light, sweet crude futures for January delivery CLF5, +0.98% rose 50 cents, or 0.8%, to settle at $67.38 a barrel.
January Brent crude LCOF5, +0.82% on London’s ICE Futures exchange changed directions as the session progressed, ending the day down 62 cents, or 0.9%, at $69.92 a barrel.