Mounting optimism that the US economy would outperform the rest of the developed world pushed the dollar to multi-month highs against leading currencies this week as the oil price resumed its downward path, providing support for equity markets.

On the foreign exchanges, the dollar enjoyed its best one-day advance against the euro for eight years as the single currency fell briefly below the $1.50 level. The dollar also hit a 21-month high against sterling and a seven-month peak against the yen.