New York - The dollar resumed its relentless surge higher Friday after a breather the prior day, hitting a 12-year high against the euro as traders awaited a key Federal Reserve meeting.
The dollar has been on a tear, lifted by expectations of a Fed hike of near-zero interest rates some time this year, a sharp contrast to a rash of rate cuts and stimulus by other central banks.
The euro has lost more than 13% of its value against the greenback so far this year. It encountered a particularly tough patch this week after the European Central Bank on Monday launched a €1.1trn bond-purchase program to try to revive growth in the 19-nation currency bloc.