Dollar posts biggest quarterly drop in nearly seven years

The U.S. dollar recovered slightly on Friday, but posted its biggest quarterly decline against a basket of rival currencies in nearly seven years after hawkish signals from foreign central banks this week pressured the greenback further.Investors have ramped-up expectations for tighter monetary policy from the European Central Bank, Bank of England and Bank of Canada after hints from officials this week.This has made the greenback less attractive, in addition to skepticism that the Federal Reserve would be able to raise interest rates again this year given a recent batch of weak U.S. economic data and doubts that U.S. President Donald Trump could enact his pro-growth agenda.The U.S. dollar index, which measures the greenback against a basket of six major currencies, declined about 4.6 .DXY percent for the second quarter to mark its steepest quarterly percentage drop since the third quarter of 2010.The euro accelerated more than 7 percent against the greenback for its biggest quarterly percentage gain since the third quarter of 2010. The euro racked up about 2 percent of its gains and the dollar index posted about 1.6 percent of its losses this week alone. The dollar gained about 1 percent against the Japanese yen over the quarter.

Source: Dollar posts biggest quarterly drop in nearly seven years | Reuters

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