FILE PHOTO: Euro, Hong Kong dollar, U.S. dollar, Japanese yen, pound and Chinese 100 yuan banknotes are seen in this picture illustration, January 21, 2016. REUTERS/Jason Lee/Illustration

By Tom Westbrook and Anushka Trivedi

SINGAPORE (Reuters) – The dollar stood at its strongest levels of the year on Wednesday, after rising along with U.S. yields on investor concerns that the Federal Reserve will start to withdraw policy support just as global growth slows.

The euro fell to $1.1657, its lowest since November 2020 and the dollar index rose to an 11-month high of 93.891.

The yen, which is sensitive to U.S. yields as higher rates can draw flows from Japan, touched an 18-month low of 111.685 per dollar, before rebounding a fraction to 111.47.

It showed little reaction to the election of Fumio Kishida as leader of Japan’s ruling Liberal Democratic Party…

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