The dollar is approaching its highest level in the last 20 years in amid the turmoil in global markets

The dollar index was close to a 20-year high against other major currencies on Friday as market sell-offs amid fears of a global recession strengthened the safe haven currency.

European stocks have opened in downward and are heading into the worst week of the last two months, following the steep decline on Wall Street.

The US currency remained high amid expectations that the US Federal Reserve will tighten monetary policy at a faster pace than its counterparts to stem hyperinflation.

Analysts said the highly anticipated U.S. employment report, in arriving later in the day, it could bolster the arguments for a sharp tightening.

According to a Reuters poll, economists predict that 391,000 jobs will be added in the United States last month.

The dollar index, which measures the performance of the currency against a basket of six major competing currencies, was up 0.5% in prime European trading hours, to reach a 20-year high of 104.07 points, but in later lost strength in the trading unstable and stabilized in recent trades at 103.55.

It was clear that the index would make gains for the fifth consecutive week, rising 0.3% during the week.

The euro lost up to 0.5% against the dollar in prime European trading hours, before turning around.

It was up 0.2% last time trading at $ 1.0555.

The pound remained broadly stable after falling below $ 1.23 for the first time in nearly two years, a day after the Bank of England sent out a dire warning that Britain was in danger of a double whammy of recession and over 10% inflation.

The Bank of England joined the US Federal Reserve and raised interest rates by a quarter of a percentage point to 1%.

The yen was slightly lower against the dollar, falling 0.2% to 130.46 yen against the dollar.

When it comes to cryptocurrencies, Bitcoin is in sharp decline, trading at just over $ 36,000.

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