The dollar could continue to lap other currencies after surging in the wake of the U.S. Federal Reserve's interest rate hike on Wednesday.
After the Fed's call, the dollar index, which measures the greenback against a basket of currencies, jumped as high as 102.62, its highest since 2003, from under 101 before the decision. At 9:23 a.m. HK/SIN, the dollar index was at 102.43.
The surge wasn't directly related to the Fed's 25 basis point increase in interest rates to a target range of 0.5 to 0.75 percent, only its second rate hike in a decade. That move was well-expected and well-telegraphed to the market, analysts noted.
What changed was the Federal Open Market Committee's (FOMC) smoke signals indicating that they now expect to hike rates three times in 2017, up from a previous forecast for two hikes.
"Most of the market expected them to hike. That was really a no-brainer," John Gorman, head of non-yen rates trading at Nomura, told CNBC's "Squawk Box" on Thursday.