The US dollar dropped to its lowest level in seven months on Monday following economic data that heightened recession concerns and increased expectations of the Federal Reserve cutting interest rates.
The Dollar Index, which measures the greenback against six other major currencies, fell by 0.7 percent to 102.39, after hitting 102.15, its lowest level since January 12.
The euro rose by 0.5 percent to $1.0968, having reached $1.1009, its highest level since January 2. The dollar also dropped by 2.3 percent against the Japanese yen, standing at 143.13, nearing its lowest point of the year. Meanwhile, the Swiss franc surged by nearly 1 percent to 0.8499 per dollar, marking its highest level in seven months.
Weak US job data, along with disappointing earnings reports from major tech companies and growing concerns about the Chinese economy, led to a global sell-off in stocks, oil, and high-yield currencies last week. Investors sought safety in cash, continuing this trend today with falling US Treasury yields, d
eclining stock indices, and a weakening dollar.
Source: Qatar News Agency