Dollar on track for worst year since 2017

Dollar on track for worst year since 2017

"I expect the dollar to depreciate further over the next few years as the Fed keeps rates at zero whilst maintaining its bloated balance sheet," Kevin Boscher, chief investment officer at asset manager Ravenscroft, told clients."The magnitude of the twin-deficits dwarfs any other major economy," he said.The dollar was little changed against a basket of currencies at 89.59, after earlier dropping to 89.52, the lowest since April 2018. It is down more than 7% this year.Trading is thin with many investors out between the Christmas and New Year holidays.The euro slid 0.16% to $1.2281 after reaching $1.2310 on Wednesday, the highest since April 2018.The Aussie and kiwi both hit their highest levels since April 2018 with the Aussie surging as high as $0.7743 and the New Zealand dollar reaching $0.7241.The dollar slipped 0.18% against the Japanese yen to 103.07 yen. It is holding just above a nine-month low of 102.86 yen reached on Dec. 17.Data on Thursday showed that the number of Americans filing first-time claims for unemployment benefits unexpectedly fell last week but remain elevated more than nine months. U.S. Senate leader Mitch McConnell dealt a likely death blow on Wednesday to President Donald Trump's bid to boost coronavirus aid