Dollar sees record slump as U.S. recovery hopes lose steam

The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic.

The Dollar index plunged to 92.777, on course to post its biggest fall for the month in nearly a decade.

The Dollar fell against the Japanese Yen, reaching a 4-month low of ¥104.52 and last traded at ¥104.54 after slipping by 3.1% this month.

Meanwhile the British Pound Sterling traded at $1.3119 after hitting a 4 1/2-month high of $1.3136.

The Euro gained the most against the Dollar, reaching a two-year high of $1.1889 per Euro during a session after a record gain of 5.7% to $1.1869 in July.  The Euro’s rally comes after leaders in the EU agreed to roll out stimulus plans amounting to €750 billion ($891 trillion) to stave the economic impact of the COVID-19 pandemic in the region.

Confidence in the U.S. currency further dampened after U.S. President Donald Trump signaled that the nation’s presidential election on November 3 may be delayed. However, the decision was rejected by both Democrats and Republicans in Congress.