Euro to dollar exchange rate: Why the surging US currency is bad news for the rest of the world

Why the surging US currency is bad news for the rest of the world 💵 In Europe, the effect of a strong dollar and a weaker euro is helping fuel inflation 🔍 Analysis from michael2day

The greater strength of the dollar relative to the euro also reflects investors’ fears over Europe’s dependence on Russian energy The soar-away US dollar might help Joe Biden fight inflation and put a smile on the faces of American tourists, but it spells bad news for the rest of the world.raised interest rates by 0.75 per cent in June – the third hike this year and the largest since 1994. This, combined with a tightened money supply, has seen the dollar climb by 12 per cent since January.

is expected to announce a rate hike later this week – something it is loath to do. EU growth forecasts for this year and 2023, have already been cut to 2.5 per cent and 1.9 per cent, respectively. But more rate rises may be necessary.

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