Oliver Mangan: Mighty dollar has upper hand against euro in era of interest rate hikes 

Major support levels in foreign exchange markets gave way this week, with the euro falling to 20-year lows against the dollar as the key rate of $1.04 failed to hold.

We saw another period of big moves across financial markets in recent days, with growing fears of recession the main catalyst.

Oil prices declined by close to 10% in a single day to fall back to $100 a barrel, but has since risen back above $105 a barrel. Meanwhile, downward pressure has emerged on some other commodity prices also recently as global growth slows, including copper and lumber, though commodity prices still remain elevated generally.