Dollar Surges as ECB Hikes Interest Rates Amid Inflation Fears

The US dollar experienced a surge in value on Thursday, reversing earlier declines caused by rising oil prices and global bond yields.

This shift in currency values occurred as the European Central Bank (ECB) implemented a widely expected interest rate hike, marking their second such move this year.

The euro took a hit, dropping 0.28% against the dollar to reach $1.1599. Meanwhile, the dollar gained strength against the Swiss franc, rising 0.42% to 0.813. The dollar index also rose by 0.34% to 99.12, breaking a three-day streak of losses.