Dollar Hits 20-Year Peak Against Euro – 5 July, 2022

The dollar stood at a 20 year peak against the euro and multi month highs against other major peers as higher gas prices and political uncertainty renewed recession fears and sent investors scrambling to the safe-haven currency. Sterling was trading slightly lower at $1.19, while the Australian dollar was under pressure at $0.68. The euro was last standing at $1.02, its weakest since 2002. The euro’s tumble, allied with declines in commodity currencies due to lower oil prices, left the dollar index at 106.46, just off its overnight 20-year peak. As sterling was hit with fresh political turmoil, the euro dropped 0.2 percent against the pound.