Dollar Slump Drags Greenback to Lowest Levels in 4 Years

The U.S. dollar extended its slump connected planetary overseas speech markets, slumping to the lowest levels successful 4 years, arsenic investors proceed to reprice the greenback amid dovish Federal Reserve complaint expectations and accrued speech of coordinated involution to enactment the Japanese yen.

Multiple media reports suggest that the New York Fed, apt successful performance with the U.S. Treasury, contacted overseas speech trading desks past week arsenic portion of a “rate check” effort that typically precedes nonstop intervention.

The yen, which had been hovering astatine the lowest levels successful 18 months, and adjacent to the weakest peg against the U.S. dollar connected record, surged astir 3% successful the aftermath of those calls, but has since stabilized astatine 153.31.