Dollar rises on strong U.S. data, Nowotny comments

The dollar strengthened Thursday, supported by dovish comments from a European Central Bank policy maker and a smattering of U.S. economic data that, while not spectacular, were stronger than expected.

U.S. stocks also rose, snapping a two-day losing streak and forming a trading correlation with the dollar that confused many investors. Typically, the dollar shares an inverse correlation with U.S. stocks.

“It’s a weird positive correlation that doesn’t make a whole lot of sense, right?” said Juan Perez, a currency trader at Tempus Inc.

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