Us, aussie dollar, lira all slump

Photo: Wikimedia Commons

The US dollar was set to continue climbing this month, as rising confidence in the US economy sparked expectations that interest rates would rise. Minutes from a meeting at the Federal Reserve, though, suggested that a rise in rates might not take place as soon as expected, causing the dollar to head for its biggest weekly fall against the euro in six months.

The euro has weakened slightly in recent months, notes Bloomberg, but the US dollar has performed the third worst out of all the currencies in developed countries

The Australian dollar also slid against other major currencies, but the most consistent slump was recorded by the Turkish Lira, which weakened for the third day in a row on the back of a revised credit outlook from Moody's. The country's political uncertainty continues to weigh on the currency and economic confidence, even as property investors continue to enter the market.