The U.S. dollar surged to its highest level in over two years against a basket of currencies on Friday, extending its rally to an eighth consecutive week — the longest winning streak in 14 months.
A wave of weaker-than-expected business activity data from Europe has weighed heavily on the euro and the British pound, as investors brace for faster rate cuts by the European Central Bank (ECB) and the Bank of England (BoE).
Eurozone PMI Dives Into Contraction
In November, private-sector activity in the eurozone unexpectedly contracted, triggering fresh concerns about the region's economic outlook.
The Composite...
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