US dollar appeal weakens as traders look to riskier currencies

US dollar appeal weakens as traders look to riskier currencies

The US dollar is trading lower on Wednesday, dropping to a three-year low against commodity currencies and the GBP as market sentiment improves against growing hopes for the global economy to recover from the slowdown due to the pandemic. At the time of writing this article, the DXY Index of the US Dollar is trading around 90.05.

In the previous session, Fed Chairman Jerome Powell again declared the central bank’s intention to keep interest rates close to zero and to continue its bond buying program until at The US economy is making a full recovery. The Fed’s accommodative nature will likely continue to exert downward pressure on the US dollar for the foreseeable future.

Meanwhile, the optimistic mood in global markets is pushing investors to step away from the safety of the greenback and look to riskier …

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