After its August selloff, the U.S. dollar may face more downside risk ahead
Makes it more expensive to travel - or move - to other countries....... BofA says dollar could drop another 4% in September 2024
After its August selloff, the U.S. dollar may face more downside risk ahead
The U.S. Dollar Index could fall another 4% before reaching a bottom, according to BofA Global Research
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Last Updated: Sept. 5, 2024 at 4:02 p.m. ET
First Published: Sept. 5, 2024 at 1:23 p.m. ET
The dollar is losing its´power and becoming weaker against other currencies.
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The U.S. dollar has held its ground this week after a sharp decline in August that sent the dollar index to its worst month since November — but strategists at BofA Global Research believe its recent weakness will lead to further downside for the greenback over the next few months.
, which tracks the buck’s strength against a basket of six other currencies, slumped 2.3% in August. That was its biggest monthly decline since November 2023, according to FactSet data. The DXY was off nearly 0.3% to trade around 101.09 on Thursday afternoon, having largely treaded water so far this week.
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