The dollar spiked amid predictions of Trump's victory in the US elections
The greenback ticked up on Thursday, hitting 11 weak peak, as investors eliminated the possibility of a big rate cut from Fed during its next meeting and started to consider the chance of trump winning the presidential election.
On the other hand, the British pound dipped to its lowest point in two months after inflation data from the UK came in weaker than expected, suggesting that the Bank of England could implement more aggressive rate cuts.
Also, the euro fell to an 11-week low before the European Central Bank (ECB) meeting.
Trump's vision to introduce tax cuts, ease financial regulations, and raise tariffs is considered favourable for the dollar.
The dollar index that gauges the greenback versus its major pairs edged up by 0.3% to 103.59, after touching the highest level in 11 weeks at 103.60.
EUR/USD plunged by 0.4% to $1.0855, post dropping to $1.0853, its lowest level, not seen since the beginning of August. Investors will pay close attention to Thursday's ECB meeting.
GBP/USD slumped by 0.7% to $1.2982. It fell below the $1.30 level for the first time since August 20, following data that indicated the annual consumer price inflation rate decreased to 1.7% in September, down from 2.2% in August.
USD/JPY advanced by 0.4% to 49.765, close to the highest level of 149.98 touched in the 1st of August.
