Dollar Likely To Have Worst Month In 10 Years – 30 July, 2020

The dollar is on track for its biggest monthly drop in 10 years, slipping to a two year low this week on the country’s seeming inability to contain the coronavirus and struggling economy. Comments made by U.S. President Trump about possibly delaying the November elections added to the decline of the currency, with the dollar index dropping to 92.597, its lowest in over two years. After shedding 4.9% this month, the dollar is on track for its steepest fall since September 2010. Data shows a hold on the employment market and many are awaiting a decision from the Fed on the next stimulus package, though an inability to come to an agreement has investors anxious just one day before the federal jobless benefits are set to expire. The euro reached a two-year high of $1.1905 before stabilizing at $1.1883. The currency has risen 5.8% in the month of July, its largest gain in a decade. The dollar was at a 4 1/2 month low against the yen at 104.195, losing 3.3% this month and last trading at 104.36. The British pound hit a 4 1/2 month high of $1.3143.