How the US Dollar Affected Gold
The US dollar has been on a downward swing over the past week.
Aug. 1 2017, Updated 9:12 a.m. ET
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Dollar slump
Other currencies are strong
The dollar has fallen nearly 9% against a basket of foreign currencies on a year-to-date basis, which is mainly due to the uncertainty surrounding whether President Donald Trump’s economic agenda will get underway. The fall is also a result of the reduced chance the Fed will hike interest rates again this year.
The dollar index was trading close to its 13-month low on Wednesday, July 26. The euro has been strong and has been at its 23-month high over the past week. The Canadian dollar has also risen to almost a two-year high against the US dollar.