has fallen sharply in recent days and is now back close to where it began the year after a weak jobs report knocked confidence in the US recovery.
The dollar index, which measures the greenback against a basket of other currencies, was down 0.08% on Monday to 90.16. It suffered its biggest one-day fall since November on Friday, when nonfarm payrolls figures showed the US economyThe "horrible" undershoot led to a rally in speculative assets such as stocks and a weaker dollar, in large part because investors now expect the Fed to keep interest rates low for longer, John Hardy, head of FX strategy at Saxo Bank, said. Lower rates typically weigh on a currency, as they make investments in that country less attractive.
A strong economic recovery in other parts of the world is also likely to weigh on the greenback in the months ahead, JPMorgan analysts said in a note, by causing a "temporary time-out for US exceptionalism." The bank recommended clients reduce their exposure to the dollar., which is expected to rise to 3.6% compared to a year earlier, when the pandemic hit prices.
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