Thursday, 23 Jul 2020 06:48 AM MYTNEW YORK, July 23 — A steady decline in the US dollar has accelerated in recent weeks, as a resurgent coronavirus outbreak in the United States and improving economic prospects abroad sour investors on the currency.
A range of factors are driving the US currency’s decline. For years, expectations that the United States would outperform other economies kept the dollar elevated against many of its peers. “Investors don’t know what the US is doing” regarding the coronavirus pandemic, said Richard Benson, co-chief investment officer at Millennium Global Investments in London. “That has been a big drag on the US dollar.”At the same time, the Federal Reserve has said it intends to keep rates at historic lows, narrowing a gap in yields between the United States and Europe that has boosted the US dollar over the years.
“There are other places that are doing much better than the US on dealing with the Covid crisis,” said Issa, of TD Securities. “You are likely to see growth in those areas much sooner.”
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