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USD Extends Losses and Nears Six-Week Low

M. Ali 30 July, 2021 12:17 am Forex Market, Market Update

A day after the U.S. Federal Reserve decided to maintain its current policy unchanged in support of economic recovery, the U.S. Dollar (USD) continues to hit multiple-week fresh lows against major currencies on Thursday.

The Dollar Index (DXY) that measures the greenback against a basket of six major international currencies is down for the day by 0.48%, maintaining a completely downward trend and moving entirely in the negative territory.

The index lost the support level of 92.00, and is currently at 91.88, after closing Wednesday at 92.32 and opening today at 92.26.

The greenback is on track to log huge weekly losses after four consecutive weekly declines and possibly extending losses on Friday as it moves below a six-week low.

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