Investing.com - The U.S. dollar climbed to new highs Wednesday, as uncertainty over U.S. interest rates and the upcoming presidential elections kept the safe haven in demand.At 04:10 ET (08:10 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.3% higher to 104.175, close to a near three-month high. Risks point to dollar upsideThe dollar has climbed to its highest level since early August as reasonably healthy economic data has seen expectations for aggressive interest rate cuts from the Federal Reserve fade.Traders were seen pricing in a 85.9% chance for a 25 basis point cut in November, and a 14.1% chance rates will remain unchanged, CME Fedwatch showed.This change in stance has seen US Treasury yields surge on expectations of relatively higher rates, with the 10-year yield hitting a three-month high this week.Also helping support the greenback has been the growing expectations that Republican candidate Donald Trump will win the US Presidential election earlier next month, given his protectionist policies are seen boosting the US currency.“Key market factors continue to support the greenback. We could see some momentum fade today, but the balance of risks remains skewed to the upside into the US election,” said analysts at ING, in a note.More ECB cuts on the wayIn Europe, EUR/USD edged 0.1% lower to 1.0785, with the euro weakening amid growing expectations that the European Central Bank may be more aggressive in rate cuts going forward given an uncertain growth outlook.