Chart of the day: Dollar slumps
💵📉Whomp, whomp. The U.S. dollar slumped against major currencies after Republicans abandoned their latest plan to repeal Obamacare.
*The dollar dropped to its lowest level against a basket of currencies since August 2016.
*It meant that it bought only 0.87 euros, its weakest level in nearly two years.
Investors are getting over the “Trump hangover.” The market worries that President Donald Trump might not be able to implement his economic agenda.
Central banks in other countries have joined the the Fed in tightening monetary policies. When a central bank tightens policy, it strengthens that country’s currency.