LONDON (Archyde.com) – The dollar index rose to 100 points for the first time in nearly two years on Friday, boosted by prospects of an acceleration in US interest rates. The dollar rose once morest a basket of rival currencies over the past month, especially once morest the euro, which came under pressure due to investor concerns regarding the economic costs of the ongoing war in Ukraine and the presidential election in France, which is witnessing a heated competition. The dollar index climbed to a high of 100 points in early European trading hours. , which is its best performance since May 2020. It later lost some momentum and settled in the latest trading at 99.876. The index rose 1.4 percent this week in its largest increase in a month, supported by statements tending to tighten monetary policy from many policy makers at the Federal Reserve (the US central bank) who are calling for a faster pace of raising interest rates to curb inflation. The euro fell to a new one-month low of $1.0848. It was last down 0.2% at $1.0865. Thursday’s European Central Bank meeting minutes indicated that policy makers are keen to combat inflation, but the euro zone has so far taken a more cautious stance than other central banks, which has weakened the euro. The dollar extended its gains once morest the Japanese yen, recording 124.23, the highest level in more than a week, close to its best performance in seven years at 125.1 recorded last month. The yen has stabilized this month following falling in March, but remains under pressure as the US raises interest rates and the Bank of Japan intervenes in the bond market to keep rates low. The British pound fell once morest the US currency, falling 0.2 percent in the latest trading, recording $1.30475. In the cryptocurrency markets, bitcoin rose one percent to regarding 43,890 dollars.
