The US dollar is heading for its steepest annual drop since 2017, with Wall Street banks predicting further weakness next year as the Federal Reserve presses ahead with interest rate cuts.
The greenback has slumped 9.6 per cent against a basket of major currencies this year, after US President Donald Trump’s trade war sparked fears for the world’s biggest economy and cast doubt over the dollar’s traditional status as a haven for investors.
The euro has had the biggest gain of the major currencies against the faltering dollar, surging nearly 14 per cent to above $1.17, a level last reached in 2021.
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