U.S. dollar continued to rise for a third consecutive day against a basket of currencies reaching its highest level since Sept. 11 at 95.37, supported by the Federal Reserve's outlook of further rate hikes next year as well as concerns about the Italian budget.
The US dollar hit its highest level in four weeks against the Swiss franc, and recorded its highest against the Canadian dollar over two weeks.
The euro has fallen significantly since yesterday's trading after breaking the descending triangle we mentioned yesterday to the lowest level against the dollar since September 12 at 1.1569, following the Italian government's proposal for the budget of 2019, a deficit three times greater than the previous administration's goal.
Also, sterling continued to decline for a third consecutive day as the US dollar recovered and continued concern over the results of Brexit negotiations to reach its lowest since September 13 at 1.3026.
