The dollar touched a 15-month low yesterday, reflecting growing market doubts that the US economy can grow fast enough for the Federal Reserve to meet its interest rate target.
The “DXY” index that measures the greenback against a basket of its peers has fallen for seven straight days — its longest losing streak in more than a year. It fell as much as 0.8 per cent yesterday to below 92, a level last plumbed in January 2015.
Although the gauge later clawed back its losses to trade at 92.83, currency strategists said the trend pointed to further declines. The dollar has now “broken free” from its range and is “heading lower”, said Kit Juckes, FX strategist at Société Générale. “We are going to overshoot from here.”
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