The US dollar recorded slight gains over the past week, but they were enough to push it to record the tenth weekly gain in a row, the longest winning streak in about a decade.
The dollar soared against the euro, sterling and yen at the highest level in 6 months, with the Federal Reserve confirming its intention to increase interest once more before the end of this year, according to the Middle East news agency, on Saturday.
Fed Chairman Jerome Powell stressed that the process of reducing inflation to 2 percent has a long way to go, but at the same time stressed that the commitment to return inflation to 2 percent is necessary.
The dollar’s gains coincided with the rise in US 10-year Treasury yields at the highest level in 16 years, and US stocks recorded their worst weekly performance since March.
The Bank of England and Japan also held their monetary policy meeting last week, the first decided to fix the interest rate after 14 operations of increasing it, while the second kept the interest rate at very low levels.
