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Dollar nears two-decade peaks as problems plague euro, yen

Measured against a basket of currencies, the dollar index had reached a five-year top of 103.28 and a further push above 103.82 would see it to levels not visited since late 2002.

April 28, 2022 / 06:13 AM IST

The dollar was nearing heights not seen in two decades on Thursday as the energy crisis in Europe hamstrung the euro, while the yen was undercut by expectations the Bank of Japan would stick to its super-easy policies.

Measured against a basket of currencies, the dollar index had reached a five-year top of 103.28 and a further push above 103.82 would see it to levels not visited since late 2002.

The euro was pinned at $1.0553, having hit a five-year low of $1.0515 on Wednesday. The single currency has fallen 4.6% so far in April and is heading for its worst month since early 2015.

The currency is now perilously close to huge chart support levels stretching from $1.0500 down to a trough from 2017 at $1.0344. A break would take it to depths not seen since 2002 and risk a damaging decline below parity.