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The dollar has sunk to its lowest in three years as rapidly changing U.S. trade policy unsettles markets and expectations build for Federal Reserve rate cuts, fuelling outflows from the world's biggest economy.
A closely watched gauge of the U.S. dollar’s value has tumbled to its weakest level in three years on Thursday, having taken out the previous 2025 low reached in April.
The U.S. dollar slumped to its lowest level since 2022 on Thursday, putting the greenback on track to have its worst start to a year in decades.
1don MSN
The dollar sank to its weakest level in years, losing ground against the euro, Japanese yen and other currencies. The WSJ Dollar Index traded as low as 94.48, the lowest intraday level since July 2023,
The dollar is trading at a three-year low, but options traders are betting the frenzied selloff in the world’s reserve currency will peter out over the next few weeks.
"Expectations of fewer previously expected ECB rate cuts have lent some support to the euro," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. That contrasts with the likely resumption of a Fed easing cycle later this year, and as Trump has repeatedly called for U.S. rates to be lowered.
A new bill making its way through Congress aims to regulate stablecoins, most of which are pegged to the U.S. dollar. Should the bill become law, Solidus Labs' Chen Arad explores the implications for the stablecoin industry and the greenback.
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