Monday, July 3, 2017

US Dollar -$ posts biggest quarterly drop in seven years

Jul 01 2017 : The Times of India (Chennai)
$ posts biggest quarterly drop in seven years
New York:

The US dollar recovered slightly on Friday , but posted its biggest quarterly decline against a basket of rival currencies in nearly seven years after hawkish signals from foreign central banks this week pressured the greenback further. Investors have ramped-up expectations for tighter monetary policy from the European Central Bank, Bank of England and Bank of Canada after hints from officials this week.This has made the greenback less attractive, in addition to skepticism that the Federal Reserve would be able to raise interest rates again this year given a recent batch of weak US economic data and doubts that President Donald Trump could enact his pro-growth agenda.The US dollar index, which measures the greenback against a basket of six major currencies, declined about 4.6% for the second quarter to mark its steepest quarterly percentage drop since the third quarter of 2010.

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