US Dollar Near Its Lowest Level in Two Years

The US dollar fell against a basket of major currencies for the fifth consecutive trading session Tuesday, August 18th, approaching its lowest level in two years under pressure from low bond yields and gloomy economic data in the US.

The dollar has registered gains over the years, but the Coronavirus pandemic has hit the world’s largest economy hard, prompting investors to look for growth opportunities in other assets.

In the latest trading, the US currency index fell 0.3% to 92.55, approaching its lowest level in two years at 92.49. The dollar fell 0.2% against the euro, which recorded $ 1.1865, and the US currency lost 0.5% against its Japanese counterpart, to reach 105.40 yen, its lowest level in a week and a half.

Against the sterling, the dollar also fell 0.5% to 1.1370, its lowest level in nearly two weeks.

The Chinese yuan rose to 6.9192 to the dollar in foreign trade, a level not seen since March 9, despite US President Donald Trump’s statements about imposing further restrictions on the Chinese tech giant Huawei.