US Dollar: worst day since June 3

Matías Salord FXStreet

Greenback tumbled across the board on Friday and was the worst performer. It erased gains and finished the week with losses. The US Dollar index, which gauges the US dollar against its main competitors, lost more than 1% on Friday.

It started the day around 96.50, holding a bearish tone that prevails since the FOMC published its statement. After the release of US GDP data it collapsed and bottomed at 95.27, hitting the lowest in five weeks. It was about to end the week hovering at 95.40.

The performance of the DXY on Friday was the worst since June 3; that day, a weak May US employment report triggered a decline of the US dollar in the market. Today it was GDP data, that lowered rate hike expectations from the Federal Reserve.

The index dropped 2.0% during the week, making a strong reversal. It went from the highest level in four moths to July lows in five days.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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