Forex: Dollar falls to end worst year since 2003

NEW YORK: The dollar fell to its lowest in over three months against a basket of major currencies on Friday, marking its steepest annual drop since 2003, on doubts over durability of a pickup in US economic growth in the wake of last week’s tax overhaul.

One of the most dramatic market developments in 2017 was the breath-taking rise of bitcoin and other cryptocurrencies. While they have pulled back at year-end, many of these digital currencies have surged in value this year.

The greenback may lag further against its peers in 2018 as investors expected other major central banks to reduce their stimulus while the Federal Reserve has signalled it would raise interest rates further, analysts said.

Published in The Express Tribune, December 31^st, 2017.

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