The dollar was little changed on Wednesday and continued to trade near six-week highs on strong economic data.

Surveys released Tuesday showed U.S. business activity unexpectedly picked up in February and hit its highest level in eight months. In the euro zone, a survey-based indicator of activity also rebounded and reached its highest level in nine months.

Signs of economic strength led traders to rely on further interest rate hikes by the Federal Reserve on Tuesday, prompting the U.S. stock index. S&P 500 It will fall 2% and the dollar will rise 0.3%.

On Wednesday, the euro was trading flat at $1.065, just above Friday’s six-week low of $1.061.

*The Dollar Index It rose less than 0.1% to 104.22, not far from the six-week high of 104.67 reached late last week.

Investors’ attention is now focused on the release of minutes of the Federal Reserve’s most recent meeting on Wednesday, which could provide more insight into the policymakers’ plans.

In early February, the release of a U.S. jobs report triggered the dollar’s rally, which has been helped by a series of solid data.

On Tuesday, traders had forecast the Federal Reserve’s main interest rate would rise to a peak of around 5.35% in July, according to Refinitiv data based on the derivatives market.

In early February, expectations were for a peak just below 5%. The Fed has raised rates to a range of 4.5% to 4.75%, from 0% to 0.25% in March 2022.

Investors have also increased their bets on ECB rates. On Wednesday, Deutsche Bank (ETR:DBKGn) said it now expects rates to rise to 3.75%, having previously forecast them to rise to 3.25% from their current level of 2.5%.

The dollar fell 0.1 percent against the Japanese currency to 134.85 yen, after rising more than 0.5 percent on Tuesday. The pound was down 0.26 percent at $1.208, after rising 0.6 percent on Tuesday after British survey data was also strong.