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The U.S. dollar rose broadly on Wednesday on speculation the European Central Bank could step in to weaken the euro and after strong U.S. economic data boosted expectations for a solid U.S. jobs report Friday.
The euro was on track for its biggest daily percentage drop against the dollar in nearly four weeks, of about 0.6 percent, putting it back below $1.20 after touching a more than 2½-year high of $1.2069 Tuesday. It last traded at $1.1889.
Analysts said traders were starting to suspect that ECB President Mario Draghi could be growing more concerned about the euro's rise, despite making no mention of the currency's strength at a central bank gathering in Jackson Hole, Wyoming last Friday.
Draghi's omission of commentary on the euro that Friday had contributed to the currency breaking past the critical $1.20 level Tuesday. The euro is up more than 13 percent against the dollar this year.
"The euro has gone way too fast, too quickly," said Dean Popplewell, chief currency strategist at Oanda in Toronto. "People are starting to sit back and wonder: 'what is the ECB going to do about inflation still being below expectations in Europe?"'
The ECB is set to hold a policy meeting next week.
The dollar also gained after the Commerce Department said its second estimate of U.S. gross domestic product showed that it increased at a 3.0 percent annual rate in the second quarter, its quickest pace in more than two years.
The ADP National Employment Report showed U.S. private-sector employers hired 237,000 workers in August for the biggest monthly increase in five months, also boosting the greenback and driving expectations for a solid U.S. August non-farm payrolls figure.
The dollar touched a two-week high against the yen of 110.37 yen after the U.S. data, rising further off a 4½-month low of 108.25 struck Tuesday following North Korea's launch of a ballistic missile over Japan.
The dollar index, which measures the greenback against a basket of six major currencies, was last up 0.68 percent at 92.88 after temporarily hitting a more than 2½-year low of 91.621 Tuesday.
"Even if you have a small positive surprise (in non-farm payrolls), even around 200,000, that may extend the bid tone for the dollar," said Mazen Issa, senior currency strategist at TD Securities in New York.
The dollar index pared gains slightly after U.S. President Donald Trump dismissed any diplomatic negotiations with North Korea, saying "talking is not the answer."