The US dollar continued its decline on Friday, reaching its lowest point against the euro in over three years, influenced by the trade and economic policies of US President Donald Trump. These policies have raised concerns about America’s credibility in the currency market.
The dollar dropped 1.6% against the euro, reaching $1.1383 per Euro around 08:30 GMT, after hitting $1.1416 during the session, its lowest level since February 2022, reports Al-Qabas daily quoting analysts.
Additionally, the dollar hit a 10-year low against the Swiss franc as confidence in the US economy waned, causing investors to move towards safer assets such as the Swiss franc, yen, euro, and gold. The dollar fell 1.2% to 0.81405 Swiss francs, its weakest since January 2015, continuing its nearly 4% drop from Thursday.
The US currency also fell 1.1% to 142.88 yen, its lowest point since September 30. Meanwhile, the British pound rose by 0.5% against the dollar.
The dollar index dropped by about 1.2%, falling below the 100-point mark for the first time since July 2023. Gold surged 1.4%, reaching an all-time high of $3,219.23 per ounce.
