Forex Today: Biggest US dollar rally since 2020 – by fx_ross DollarIndex Fed EURUSD
The US dollar soared on Tuesday on the back of data released by the Labor Department that reported on US Consumer Prices that unexpectedly rose in August. The dollar index DXY, which measures the greenback against a basket of currencies was up 1.5% at 109.85 in its biggest one-day percentage gain since March 2020. However, the US dollar remains below last week's two-decade peak of 110.79.
The single currency fell to a low of 0.9966 after hitting a nearly one-month high of 1.0198 in the previous session to the greenback on the back of hawkish talk from the European Central Bank. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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