Dollar hits 12-year high

NEW YORK: The dollar resumed its relentless surge higher Friday after a breather the prior day, hitting a 12-year high against the euro as traders awaited a key Federal Reserve meeting.
The dollar has been on a tear, lifted by expectations of a Fed hike of near-zero interest rates sometime this year, a sharp contrast to a rash of rate cuts and stimulus by other central banks.
The euro has lost more than 13 percent of its value against the greenback so far this year.
It encountered a particularly tough patch this week after the European Central Bank on Monday launched a 1.1 trillion euro bond-purchase program to try to revive growth in the 19-nation currency bloc.
The euro fetched less than $1.05 Friday, falling at one point as low as $1.0466, its weakest level since January 2003.
“The big event everyone is waiting for is Wednesday´s announcement from the Federal Reserve at which policymakers may set the stage for an eventual rate hike,” said Joe Manimbo, an analyst at Western Union Business Solutions.
Many analysts expect the Federal Open Market Committee, meeting Tuesday and Wednesday, will remove the “patient” language from its statement.