Dollar Jumps; Euro Breaks Parity, Falls Below $1 After US Consumer Prices Surge


Last Updated: July 13, 2022, 19:23 IST

The euro has borne the brunt of dollar strength, falling to the level which is the weakest since December 2002.

The euro has borne the brunt of greenback energy, falling to the extent which is the weakest since December 2002.

Euro plunges to $0.9998 towards the US greenback, breaking beneath the $1 stage for the primary time since December 2002, earlier than bouncing again to final commerce at $1.0024

The greenback surged to a 20-year excessive towards a basket of currencies and the euro broke beneath parity towards the dollar after information on Wednesday confirmed US client worth inflation surged to a 40-1/2-year excessive in June.

The client worth index elevated 1.3% final month as gasoline and meals prices remained elevated, greater than the 1.1% anticipated by economists polled by Reuters.

“This morning’s number is staggeringly high. It’s higher than expected and shows that inflation is going quickly in the wrong direction,” stated Chris Zaccarelli, chief funding officer at Independent Advisor Alliance.

The euro plunged to $0.9998 towards the dollar, breaking beneath the $1 stage for the primary time since Dec. 2002, earlier than bouncing again to final commerce at $1.0024.

The greenback index reached 108.59, the best since Oct. 2002, from round 107.9 earlier than the information launched.

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