The growth of the American currency caused the collapse of other world currencies – euro, yuan, yen, pound sterling.
The dollar on Monday, August 29, rose to a 20-year high against a basket of currencies, Reuters wrote.
The dollar index rose to 109.44. At the same time, other currencies fell to new lows.
In particular, the dollar hit 138.88 against the Japanese yen, while the offshore yuan fell to a new two-year low of 6.9321 per dollar.
Pound sterling also fell to a 2-year low of $1.1656, down 0.61% to $1.1658, while the euro fell 0.49% to $0.9916.
The US currency is gaining in price after the speech of the head of the Federal Reserve, Jerome Powell, who warned that interest rates will remain at higher levels for a longer period to prevent a rapid increase in inflation.
“I think that this week (the US dollar index) will rise above 110 points, as market participants continue to assess more aggressive tightening cycles from major central banks,” experts said. .
Remember that in July the dollar and the euro were equal for the first time in 20 years. Last week, the European currency was once again cheaper than the American one.
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Source: korrespondent
I am Dylan Hudson, a dedicated and experienced journalist in the news industry. I have been working for Buna Times, as an author since 2018. My expertise lies in covering sports sections of the website and providing readers with reliable information on current sporting events.