Dollar hits 11-month high as Aussie, kiwi dumped

TOKYO: The dollar jumped to an 11-month high against a basket of currencies on Wednesday, extending its sharp rally as more investors rushed to unwind longstanding positions favouring the euro, pound and Australian dollar. The dollar index jumped 0.6 per cent on the day to a high of 78.486. The move came as the euro slid to a seven-month low, while the Australian and New Zealand dollars tumbled more than 1 per cent. Traders cited heavy selling of the Aussie, kiwi and pound as driving the broad gains in the greenback.