Greenback outlook: January 2 - 5

Greenback outlook: January 2 - 5

On Friday, the evergreen buck sagged to its lowest value for more than three months versus a basket of the other key currencies on the final market day of 2017, and reported its largest annual percentage dive since 2003.

Measuring the greenback’s value versus a trade-weighted basket of six key currencies, the US dollar index edged down to 91.83, which is the weakest reading since September 22.

For the year, the index has lost 9.8%, which is the biggest annual percentage sag since 2003.

The index actually started 2017 at a 14-year maximum, underpinned by expectations for Donald Trump’s pro-surge economic agenda. However, barring a sweeping tax overhaul enacted the previous week, the Trump administration has struggled to have legislation passed.

The evergreen buck also lagged notwithstanding the Federal Reserve’s rate lifts amid increased investor hopes for other key financial institutions to reduce their stimulus.

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