The euro plummeted to $1.1640 against the dollar in the London foreign exchange market on July 26, as sticky US PCE inflation fueled dollar buying.
The July US Personal Consumption Expenditures (PCE) price index rose 3.7% year-over-year, exceeding market expectations for a modest slowdown.
This led to a surge in dollar buying, with the euro falling further against the dollar once London trading began.
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