Dollar index hits 3-month low

Source: Press TV
http://www.presstv.ir/detail.aspx?id=137125§ionid=3510203


The value of the dollar has fallen to its lowest level against a basket of six major currencies since late April over concerns about sluggish recovery of the US economy.

The greenback's DXY index on Monday plunged as low as 81.433 to mark a three-month low against the currencies.

The falling came after the markets were worried by a series of US economic data that have not met expectations.

Market traders also predicted a further drop in the value of the American currency.

"For now, I think the overall trend of Dollar weakness still remains in place," a trader for a European bank told Reuters.

The US Commerce Department released data showing the growth of the world's biggest economy slowed between April and June.

The new figures found that the country's gross domestic product (GDP) grew by a disappointing 2.4 percent in the second quarter, compared with an annual rate of 3.7 percent in the previous three months.

The country's high unemployment rate of 9.5 percent also fueled concern about US economy's slowing recovery