Dollar index hits 18-month high

The US Dollar Index jumped to its highest level in 18 months at 102.86 points, rising by 0.68%, supported by accelerating US inflation and the prospects of monetary tightening, amid concerns over continued inflationary pressures due to rising gasoline and fuel prices. Meanwhile, the euro fell against the dollar by 0.69% to its lowest level in 17 months at $1.1121, amid increasing financial worries related to French debt and statements from the European Central Bank affirming its non-intervention in the market. The British pound also declined by 0.58% to $1.3178, and the Japanese yen dropped by 0.33% to 158.81 yen per dollar, amid warnings from the International Monetary Fund regarding the need to control the rise in public debt.

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