The dollar hits a 37-year high against the pound as the hawkish US Federal Reserve decides to cut its inflation target to 2%, in contrast to the US economy, where European economic troubles are relatively strong. soared.

Against the pound, the US currency hit $1.1407, its lowest since 1985, falling 0.8% to hold at $1.1425.

The euro fell below 99 cents on Wednesday, its lowest since October 2002, after falling to $0.9864 on Tuesday.

The European single currency was last up 0.3% to $0.9930.

The European Central Bank is seen as likely to deliver a massive 75 basis points (bp) rate hike on Thursday, but those expectations are set to fall in the face of the European economic hit and Russia’s decision to keep the currency at bay. has done little to support the The main Nodal Stream 1 gas pipeline has been closed indefinitely.

By contrast, overnight reports showed an unexpected recovery in the US services industry last month, supporting the view that the economy is not in recession.

The cryptocurrency bitcoin fell to $18,540, its lowest since June 19, down 5% since Tuesday. However, it ended up 0.7% higher at $18,920.

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