The dollar index rises 0.5% to the highest level in 20 years, amid expectations that the US Federal Reserve will tighten monetary policy to stop hyperinflation.
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The dollar index rose 0.5% in early European trading hours, to record 104.07 points
The dollar index approached its highest level in 20 years once morest other major currencies, on Friday, as the sell-off in the markets in the face of fears of a global recession boosted.
European stocks opened lower and are heading for their worst week in two months, following a sharp fall on Wall Street.
The US currency remained high amid expectations that US Federal Reserve It will tighten monetary policy at a faster pace than other central banks to stem hyperinflation.
The dollar index, which measures the currency’s performance once morest a basket of six major rival currencies, rose 0.5% in early European trading hours, to hit a 20-year high at 104.07 points.
However, it later lost ground in choppy trading, and settled in the latest trading at 103.55. It was clear that the index would achieve gains for the fifth consecutive week, with an increase of 0.3% during the week.
The euro also lost as much as 0.5% once morest the dollar in early European trading hours, before reversing course. It was last up 0.2% at $1.0555.
As for the pound, sterling was largely stable following falling, earlier, below $1.23 for the first time in nearly two years, a day following the Bank of England sent a dire warning that Britain risked a double whammy from stagnation and swell exceeds 10%.
was Bank of England He joined the US Federal Reserve and raised interest rates by a quarter of a percentage point to 1%.
The yen was slightly lower once morest the dollar, falling 0.2% to 130.46 yen to the dollar.
As for cryptocurrencies, Bitcoin went down quite a bit and traded at just over $36,000.
