The US dollar has had its worst first half-year in more than 50 years, as the financial markets over the last six months were dominated by geopolitical crises and Donald Trump’s trade war.
The dollar has fallen by 10.8% against a basket of currencies since the start of 2025. That is its worst performance over the first six months of any year since 1973, and the worst half-year since the second half of 1991.
This sell-off has pulled the dollar index down to its lowest level since March 2022 and lifted the pound to a three-year high of $1.37, up from $1.25 at the start of the year.
Investors have been selling the US currency due to concerns that Trump’s economic policies threaten the safe-haven role of US dollar-denominated assets, with economists predicting that the president’s “big beautiful” budget bill will drive the US national debt even higher.
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