Dollar Suffers Worst Week Since 2011 as Fed Damps Rates Outlook
A clerk counts U.S. dollar banknotes at a currency exchange office in Jakarta.
Photographer: Dimas Ardian/BloombergThis article is for subscribers only.
The dollar registered its steepest weekly slide since October 2011 on speculation the Federal Reserve isn’t in a hurry to raise interest rates.
The Bloomberg Dollar Spot Index, which tracks the greenback against 10 major currencies, retreated just a week after reaching the highest level since Bloomberg began compiling the data in 2004. The U.S. legal tender tumbled Wednesday after the Fed indicated it will raise rates more slowly than it previously predicted. HSBC Holdings Plc, one of Wall Street’s biggest proponents of the dollar, said the rally may be over.