US Dollar Set for Fourth Straight Month of Losses
The US dollar is trading somewhat steady early on Monday but looks set to post its fourth consecutive monthly loss, marking the longest losing streak in about three years. At the time of writing, the US dollar index DXY is trading around 92.30.
The US dollar has been trading bearish in recent sessions following the Fed chairman Jerome Powell’s speech which could indicate that the central bank could maintain interest rates at low levels for an extended period of time. A more dovish outlook from the central bank weakens the currency and is exerting downward pressure on the greenback lately.
So far this month, the US dollar has lost around 1.3% of its value against its major peers. Since its highs reached during March at the beginning of the pandemic, the reserve currency has lost over 10% of its value against other leading currencies.
While the spotlight continues to remain on the coronavirus pandemic and its economic impact, additional moves in the dollar can also be driven by opinion polls after recent conventions by both the Democrats as well as the Republicans. Later this week, the US dollar could also be moved by the release of the much awaited NFP report which would offer a better insight into the state of employment across the country in the wake of the ongoing crisis.
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