Dollar continues to rally, pushes euro, pound to fresh lows
The American currency continued to rally against major European currencies on Friday, pushing both the euro and the pound sterling to fresh lows, after the Federal Reserve revealed its latest monetary tightening policy that prompted the dollar to strengthen.
The day before, the Bank of England unveiled it will increase its key rates by 50 basis points, seemingly driving the downturn trend of its currency.
The euro slumped by 0.70% against the American currency, selling for $0.97689 at 3:43 am ET, nearing its lowest record in 20 years. The pound sterling dropped 0.67% versus the greenback, changing hands to $1.11813 at 3:53 am ET, just days after it hit its lowest rate in almost four decades.