Dollar Plunges to Lowest Level Since January While Yen Surges
- Strategists expect an extended period of dollar weakness
- Dollar falls as low as 105.76 yen after breaching key level
Photographer: SeongJoon Cho/Bloomberg
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A key gauge of the dollar fell to a more than six-month low as momentum picked up after the currency wiped out a key technical level Friday, while Japan’s currency climbed against all its major peers.
The Bloomberg Dollar Spot Index slid Friday to the weakest level since Jan. 7 and was set for a fourth straight weekly loss. It has slumped more than 8% from a peak in March, when haven seekers had piled into the greenback during the height of the market turmoil caused by the coronavirus pandemic. Some strategists are now predicting an extended period of weakness in the U.S. currency.