The dollar loses strength
The dollar fell for the third day in a row, slipping off its two-decade highs against a basket of major currencies, as increased investor appetite for riskier bets diminished the safe-haven appeal of the greenback.
The dollar index, which compares the greenback to a basket of six major currencies, fell 0.7% to 103.41, its lowest since May 6. Last week it hit a two-decade high, supported by the aggressive stance of the Federal Reserve and concerns about the global economic fallout from the war between Russia and Ukraine.
“Market sentiment has improved dramatically relative to last week, with most asset classes rebounding and a reversal of moves seen last week,” Brad Bechtel, of Jefferies.
“The result is a rally in equities and a sell-off in fixed income, with almost every currency in the world advancing against the dollar,” he added.
With information from Reuters.