Fri. Sep 24th, 2021

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Dollar plunged

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Dollar and Niara

The dollar has sunk through major support levels and looked set for its worst week in a month on Friday, as its accelerating slide sucked in more short sellers keen to make an easy buck.

It has slumped to a nine-month low against the safe-haven yen, even though investors have been gobbling up risky assets all week, and fallen to multi-year lows against the euro, pound, Aussie, kiwi and Canadian dollar.

The euro has added nearly 3% in the three weeks since it burst through stiff resistance at $1.2000. At $1.2254, after minor profit taking on Friday, there is clear sky ahead until the common currency’s 2018 top of $1.2556.

The Australian dollar, which also saw some small profit taking, is set for a seventh consecutive weekly gain, a streak that has carried it 9% higher since early November.

Against a basket of currencies the dollar languished at 89.862 on Friday, just above a 2-1/2-year low hit on Thursday. The dollar index is down 1.2% for the week so far and has fallen 12.7% from a three-year peak in March.

The greenback last traded at 103.28 yen after falling as far as 102.88 yen overnight.

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