Dollar sags below 20-year peak as euro lifted by European Central Bank

The dollar weakened on Tuesday, the 30th of August, after being beaten back from a two-decade high versus major peers by a reinvigorated euro. The tables turned for the two currencies as traders began ramping up bets for a super-sized 75 basis-point rate hike by the European Central Bank while paring the odds for one by the US Federal Reserve.

The dollar index - which measures the greenback against a score of six currencies, with the euro the most heavily weighted - stood at 108.65 at the start of the Asian day, after dropping back from 109.48 overnight, a level not seen since September 2002.

The euro edged 0.08% higher to $1.00045, extending Monday’s 0.32% rally - which was its biggest in almost three weeks - after failing to keep its head above parity for the past week.


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