The dollar struggles after central bank plans to halt the stimulus

The dollar remained under pressure on Friday at the end of a week in which major central banks revealed plans to halt their pandemic-era stimulus, as the Bank of England surprised the markets with a rise in interest rates.

After a turbulent week, the dollar index, which measures its price against a basket of six currencies, fluctuated little throughout the day and stood at 96.005, while the euro and pound consolidated their gains in the two days earlier, reaching $ 1.13310 and $ 1.33130, respectively.

The dollar index has lost about 1% since Wednesday, when the Federal Reserve said it would end its bond buying program in March, paving the way for three interest rate hikes of a quarter of a percentage point. Next year.

And yesterday, Thursday, the Bank of England became the first Group of Seven economy to raise interest rates since the outbreak of the Corona pandemic, as the European Central Bank announced the end of its emergency asset purchase plan. in March.

The yen was up 0.1% to 113.55 yen against the dollar, and the Swiss franc was also up 0.1% on the day to 0.91815 against the dollar.

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