The US dollar extended gains to reach a fresh 13-month high against a basket of major ​currencies on Wednesday as investors sought shelter from a tech stock sell-off and positioned for Fed rate ‌hikes.

The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, ​climbed to a high of 101.44, the strongest level since 13th May 2025.

The euro last traded at $1.1375 , near a one-year low, and the British pound weakened slightly to $1.3199,

The risk-sensitive Australian dollar was steady at $0.6918 ahead of the latest CPI reading later in the day. The New Zealand dollar weakened 0.05 percent to $0.5665, a fresh seven-month low.

The Japanese yen last traded at 161.57 after briefly weakening to a two-year low of 161.93 late ​on Monday as the greenback extended its gains. A break above 161.96 would leave the ​yen at its weakest level since 1986.