US dollar index surges to a new 20-year high as rivals crumble. Strongest dollar since December 2002

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THE US dollar surged to its highest levels in 2 decades on Thursday (Apr 28), propelled by widespread weakness in its major rivals, such as the yen and the euro.

Against a basket of major currencies, the US dollar index rose 0.8 per cent to 103.83, its highest levels since December 2002. The US currency is up 10 per cent since mid-November with a bulk of its gains coming in the last 3 months.

The US dollar shot past the key level of 130 yen for the first time since 2002 on Thursday as the Bank of Japan (BOJ) doubled down on its dovish policy, triggering a warning from Japan’s Ministry of Finance not to push the yen too far.

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The euro briefly touched a more than 5-year low of US$1.0481, bringing its losses for the month to 5 per cent, which would be its worst pummelling since early 2015.

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Speculation is now growing that the common currency could be on course towards parity with the US dollar, a level not reached since 2002.

“It’s certainly looking like a realistic possibility”, Hardman argued, noting another key support at US$1.034, a level last reached in 2017.


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