On Thursday, the dollar appreciated as investors cashed in on wagers that it would drop much more and dismissed news indicating signs of a weakening U.S. economy, which suggested the Federal Reserve might be done hiking interest rates.

According to economists, the euro’s weakness following a dismal data on inflation in the euro zone contributed to the greenback’s rise.

With a 0.5% increase to 103.38, the dollar index—which compares the dollar’s value to six major currencies—was poised to record its largest daily rise in almost a month. The dollar has lost 3% of its value month over month, on track to record its worst monthly performance in a year.

Some analysts said the dollar may have benefited from month-end demand, as investors squared up positions for November, a period that featured a sharp sell-off in the U.S. currency with the market pricing in rate cuts next year.

Others, however, expected a dollar sell-off at month-end, given how equities posted sharp gains for November. There were sell dollar signals at some of the biggest U.S. banks, analysts said.

“We were expecting dollar selling at month-end given how much U.S. equities rallied. That typically means foreign asset managers would have sold dollars forward,” said Vassili Serebriakov, FX strategist, at UBS in New York.

“But it’s possible that some of the selling happened earlier in the month. So maybe there’s less dollar selling at month end.”