The key Bloomberg Dollar Spot Index (BBDXY), which tracks the performance of a basket of 10 global currencies against the US dollar, dived as much as 2.1% earlier this week, Bloomberg News reports.
Almost all 10 currencies tracked by Bloomberg strengthened against the dollar, and the euro rallied as much as 2.7%.
The greenback’s dive comes against the backdrop of President Trump’s recently announced new trade tariffs, which experts warned could “drive investors away from the US and cause the dollar to [further] depreciate.”