* Encouraging U.S. data whets risk appetite
* Dollar rebounds above 114 yen
* Aussie dollar jumps after GDP data
By Jemima Kelly
LONDON, March 2 (Reuters) - The dollar traded at around a one-month high against a basket of major currencies on Wednesday, after encouraging U.S. economic data drove investors to bet that the Federal Reserve may hike interest rates this year after all.
With a rebound in oil prices and a rally in stocks stoking risk appetite, the greenback climbed to a two-week high of 113.47 yen. That was more than 3 percent up from a 16-month low against the Japanese currency two weeks ago.
The Australian dollar was the biggest gainer on the day, up almost 1 percent at one point, on figures that showed Australia's economy outpaced all forecasts to grow at the fastest pace in almost two years last quarter.
"The move in the Aussie and the data that it was driven by, with that big rise in Australian GDP, has spilled over into a slightly better risk background more generally," said RBC Capital Markets' head of FX strategy Adam Cole, in London.
"For the moment the fundamental news flow is consistent with the asset prices we're seeing, and that's driving dollar/yen up and Aussie/dollar up."
U.S. factory and construction data on Tuesday offered hope the economy was regaining momentum, helping U.S. stocks stage their biggest one-day rise in a month and close at their highest since early January.
The dollar index, which measures the greenback against a basket of six major rivals, pulled ahead and was last at 98.455 , up 0.2 percent from the previous day and not far from Tuesday's one-month peak of 98.570.
But the greenback is also vulnerable to profit-taking on any rise, market participants said, as investors await more U.S. data for confirmation that the economic recovery was sure-footed, in particular, Friday's non-farm payrolls report.
"Not so many people are confident about the U.S. economy and global markets, so the dollar will be range bound for now," said Masashi Murata, senior currency strategist at Brown Brothers Harriman in Tokyo.
Currency markets had a muted reaction to "Super Tuesday" state-by-state primary voting, at which Republican Donald Trump and Democrat Hillary Clinton notched a series of wins that took them a step closer to their respective parties' nominations in the U.S. presidential campaign.
"Trump is more focused on the domestic economy than the global economy, but still, it's too early to price anything into market positions," Murata said.
(Additional reporting by Lisa Twaronite in Tokyo and Ian Chua in Sydney; Editing by Alexander Smith)