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Dollar weakens to new 33-month low as euro continues to climb

Major currencies gained across the board against the dollar on Friday as the greenback weakened to a new 33-month low and the euro climbed further following Thursday’s meeting of the European Central Bank’s governing council.

The dollar index, a measure of the greenback against a basket of its peers, fell 0.6 per cent to 91.011, its weakest level since January 2015.

The euro continued its ascent following a sharp jump on Thursday after ECB president Mario Draghi indicated plans to begin scaling back its quantitative easing programme. The single currency hit its highest level since January 2015 at $1.2092 on Friday, before pulling back to $1.2077.

The Japanese yen was on the march higher as well, strengthening past ¥108 per dollar for the first time since mid-November of 2016. The currency was 0.6 per cent higher on the day at ¥107.80.

Likewise, the pound was was 0.3 per cent stronger against the dollar at $1.3139 after touching $1.3164 earlier in the session, a five-week high.

China’s renminbi strengthened further against the dollar with the onshore exchange rate hitting a 21-month high of Rmb6.4398 per dollar.