Currency Buzz: DXY Extends Slide For Fourth Straight Day; Wallows Near One-Month Low

1 Aug 2022 , 02:33 PM

The dollar index extends decline for the fourth consecutive session on Monday, tracking sharply lower yields. US benchmark 10-year treasury yields are treading at three and half month lows below 2.7% following deteriorating data from US as second-quarter gross domestic product (GDP) fell at a 0.9 percent annualised rate, weakening possibility of the Fed going for aggressive stance on rate hike. The dollar index that measures the greenback against a basket of currencies was down 0.36% at 105.38. As against the yen, the US currency sank to its lowest in more than six weeks on Monday on expectations that Federal Reserve monetary policy would tip the economy into a recession. The European currency that carries highest weight in the basket was also higher at $1.0256. Powered by Commodity Insights