Dollar scales fresh 19-month peak, yen hits 160 for first time since September
The U.S. dollar soared to a 19-month record high on Thursday, with the dollar index reaching 103.17, its highest level since April 7, 2025. This surge reflects increasing expectations of Federal Reserve interest rate hikes. Over the past five sessions, the dollar has climbed 1.6%. The strong labor market data, with nonfarm payroll employment rising by 165,000 in October, further supports the dollar's ascent.
Additionally, stronger-than-expected U.S. consumer price index (CPI) readings on Tuesday added to the dollar's momentum. Despite the robust dollar, the euro and sterling weakened against it, with the euro dropping to $1.1055 and the pound to $1.3236. Japan's yen momentarily surpassed 160 per dollar for the first time since September 2, a level that typically triggers intervention from the Bank of Japan.
However, the yen has since retraced much of this gain, as U.S. monetary policy continues to tighten.
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