Dollar Rises as ECB Hikes Interest Rates for Second Time This Year

The US dollar saw a significant surge against major world currencies on Thursday, reversing earlier declines triggered by rising oil prices and global bond yields.

This upward trend occurred as the European Central Bank (ECB) implemented its second interest rate hike of the year, in line with market expectations.

The euro took a hit, falling 0.28% against the dollar to $1.1599, while the dollar gained strength against the Swiss franc, rising 0.42% to 0.813.

Simultaneously, the dollar index increased by 0.34% to 99.12, breaking a three-day losing streak.