Forex
Dollar Soars Against Euro as Energy Worries Weigh on European Economy
The US dollar is poised to achieve its largest monthly gain against the euro in 14 months. The euro has been under pressure due to energy and debt worries in Europe, while the US economy continues to grow and interest rates rise.
The euro dipped to a low of $1.1312 on Tuesday, its lowest level since May 2025, and traded near that price today. The dollar is up nearly 2.5% against the euro this month and is set for its third straight quarterly rise.
The stronger US dollar has also had an impact on other currencies, pushing the Australian dollar below 70 cents for the first time since early August. The yen has fallen out of favor as a safe-haven currency due to recent US-Japan yen buying and Japanese interest rate hikes.