Move reflects contrasting economic and monetary prospects for the U.S. and the eurozone
The euro fell below parity to the dollar on Thursday, succumbing to the power of a rampant buck as traders boosted bets that surging U.S. inflation will force the Federal Reserve to raise interest rates at a faster pace than its central bank peers.
The euro EURUSD was down 0.8% to trade at 0.9980 per dollar, having earlier touched 0.9950. The U.S. currency gained 0.8% to $1.1792 per British pound GBPUSD and climbed 1.3% to 139.16 yen USDJPY , the weakest for the Japanese unit since 1998. Together these moves pushed the dollar index DXY up 1.2% to 109.17, its highest since 2002.
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