The dollar hit a more than two-year low and a fourth straight month
of losses on Monday in the wake of the U.S. Federal Reserves policy
shift on inflation.To get more news about WikiFX, you can visit wikifx official website.
Against a basket of currencies the dollar was down 0.15% at 92.097 in
midday trading, having earlier hit its lowest since April 2018. It is
down 1.24% for the month, marking its worst August in five years and the
longest run of monthly losses since the summer of 2017.
The euro, which makes up the majority of the basket against which the
dollar index is weighted, was up 0.35% at $1.195, having gained 1.45%
in August, also its fourth straight month of increases.
Investors are adjusting to a speech last Thursday in which Federal
Reserve Chair Jerome Powell outlined an accommodative policy change that
is believed could result in inflation moving slightly higher and
interest rates staying lower for longer.