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Dollar Declines Due to US Economy Slowdown ConcernsSingapore, 7 Aug (ONA) — The dollar continued its decline against a basket of major currencies today, amid growing expectations that the Federal Reserve (US central bank) will cut interest rates to stimulate the economy.
The dollar index, which measures the performance of the US currency against a basket of six major currencies, fell slightly by approximately 0.04% to 97.950 points, after falling 0.6% in the previous session.
The US currency fell by 0.26% against the Japanese yen to 146.95 yen, while the euro rose by 0.1% to $1.1671.
The British pound also rose 0.1% to $1.33655, continuing its fifth consecutive session of gains, marking the longest streak of gains for the British currency since mid-April.
In turn, the New Zealand dollar rose 0.4% to $0.5950, while the Chinese yuan rose slightly to 7.1789 per dollar. — Ends/AH
