The dollar showed the largest decline in seven years
Despite the fact that on Friday, June 30, the US dollar strengthened slightly against other foreign currencies, the US currency showed the largest quarterly decline in the last seven years, writes Reuters.
Investors have increased expectations for tightening monetary policy from the European Central Bank, the Bank of England and the Bank of Canada, after hints from officials this week.
As a result, the dollar has become less attractive, in addition to skepticism that the Federal Reserve will again raise interest rates this year, given recent statements about weak US economic data and doubts that US President Donald Trump could launch his growth program.
The US dollar index, which measures the US currency in relation to the six major currencies, declined by about 4.6 in the second quarter. DXY%, which marked its steepest percentage decline since the third quarter of 2010.
The euro strengthened by more than 7% against the US dollar, which is the largest quarterly percentage increase since the third quarter of 2010.
The dollar rose 1% against the Japanese yen for the quarter.
Improved economic growth in Europe and Canada contributed to the growth of their currency, said Joe Manimbo, senior market analyst Western Union Business Solutions in Washington.
The dollar index rose 0,1% to 95,704, while the euro was down 0,2% against the dollar at $1,1416. The euro neared its strongest performance in nearly 14 months at $1,1445 on Thursday, while the dollar index neared a nine-month low of 95,470 early Friday.
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