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US Dollar Falls at Sharpest Pace in Three Years

Taarek Refaat The US dollar fell at its sharpest pace in three years, while the cost of hedging against further declines jumped to its highest levels since the COVID-19 pandemic in early 2020. The overall weakness in the US currency continued during Asian trading on Friday, with the Bloomberg Dollar Index ending Thursday's trading in New York down 1.5%, its biggest daily loss since 2022. Investors moved away from Latin American currencies toward safe havens such as the Swiss franc and the Japanese yen, while the euro and pound also benefited from this shift. The Swiss franc rose about 4% on Thursday to 0.8254 against the dollar, its biggest jump since 2015, when the Swiss National Bank surprised markets by abandoning its cap on the currency against the euro. The Japanese yen also advanced more than 2%. The euro jumped 3.48% against the U.S. dollar to 1.13, while the pound sterling traded higher 3.68% to 1.30 against the U.S. currency. "US assets are clearly underperforming amid the uncertainty surrounding tariffs and growing concerns about the US economic outlook," said Felix Rein, an analyst at ANZ Banking Group in Sydney. "So far, the European currency and safe havens have been the biggest beneficiaries." The cost of options used to hedge against a dollar decline against a basket of rival currencies over the coming week rose to its highest level since March 2020, compared to the costs associated with betting on gains. Amid mounting economic concerns, traders increased their bets on deeper interest rate cuts by the Federal Reserve by the end of the year. Stocks fell again after the Trump administration announced a 145% increase in tariffs on China. The global currency market, which trades at $7.5 trillion a day, has been in a state of tension since Donald Trump returned to the White House and his erratic announcements on tariff policies. The dollar index has lost more than 6% since its February peak and was down about 0.3% on Friday. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)