Dollar Hits 12-Year High Against Euro

By Paul Riegler on 10 March 2015
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DSC_0835The U.S. dollar set a multi-year high against both the euro and the Japanese yen in trading on Tuesday.

The European common currency fell below $1.08 for the first time in over 11 years. Earlier in the trading day, it dropped to as low as $1.0723, before settling in at $1.0796. It was trading at $1.10 only one week ago and, at $1.40, was at an 18-month high 12 months ago.

The greenback also hit ¥122.04, its highest since July 20, 2007.

The dollar’s rise follows speculation that the United States will soon raise interest rates for the first time in almost a decade. Several major banks have forecast the dollar will achieve parity with the euro within the coming two years.

(Photo: Accura Media Group)

Accura News

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