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Forex - Dollar Rides Euro Slump Above Year High Amid Turkish Lira Rout

10/08/2018 17:25:45 Forex
The dollar rose to fresh 2018 highs against its rivals Friday after the euro slumped on concerns about European banks' exposure to Turkey as the country's currency crashed.The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.88% to 96.30.Turkey's lira dropped to a record low against the dollar after President Donald Trump doubled metals tariffs on Turkey. That stoked investor concerns about Turkey's ability to pay its debts, leaving many fearing the fallout could spread beyond Turkey's border.Fears of market contagion were somewhat justified after reports surfaced that the European Central Bank was assessing its exposure to Turkey.Data from the Bank for International Settlements