The euro against the US dollar is at its lowest level since 2003

The euro just dropped to its lowest level against the dollar since 2003 after three consecutive days of drops.

As of 11:50 a.m. GMT (7:50 a.m. ET), the euro dropped by over 1% to $1.0417:

On Wednesday, Federal Reserve hiked its benchmark interest rate, as expected, and upped its expectation for the number of rate hikes in 2017.

This move, which markets saw a 100% probability of, will increase the target of the federal funds rate — which banks use to lend to each other overnight — by 25 basis points, to a range of 0.50 to 0.75%.

Meanwhile, the Bank of England is about to deliver its latest monetary policy decisions, following the December meeting of its Monetary Policy Committee.

The bank is widely expected to leave its key interest rate unchanged at 0.25%, a record low that has been in place since rates were cut in August following the UK’s vote to leave the European Union.

NOW WATCH: Martin Shkreli goes on a raging tweetstorm in response to high school students recreating his $750 drug for $2

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.