The USD edged up to a fresh 16-month high against a basket of key currencies on Wednesday on the back of continued U.S. economic strength, putting the greenback on pace for a seventh straight month of gains.

The ADP national employment report on Wednesday showed that U.S. private sector payrolls increased by the most in eight months in October, suggesting overall job growth accelerated this month after Hurricane Florence weighed on restaurant and retail employment in September. The U.S. Federal Reserve increased interest rates in September for the third time this year and is expected to raise rates again in December.

The EUR/USD fell despite higher-than-expected inflation data from the euro zone. Eurozone inflation rose to 2.2% in the year to October, up from 2.1% the previous month. October's rate is the highest since December 2012, when inflation was also 2.2%.

The Canadian dollar edged lower against its U.S. counterpart on Wednesday as the greenback broadly climbed, offsetting data that showed a surprise strengthening of the domestic economy in August.

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