U.S. Dollar Index Suffers Steepest First-Half Drop Since Nixon

The U.S. Dollar Index dropped 10.8% in the first half of the year, marking its worst start since 1973 under Nixon, according to Bloomberg. The U.S. Dollar Index has declined 10.8% year-to-date, nearing the steep 14.8% drop seen in early 1973. The fall is driven by uncertainty surrounding Trump’s trade policies and his calls for the Federal Reserve to cut rates. FX strategist Brendan Fagan said the U.S. dollar has slid to a new multi-year low and could face further losses, as dovish Federal Reserve pricing, weaker economic data, and heightened policy uncertainty continue to weigh on the currency.