The dollar this week fell to multi-year lows against other currencies reports Bloomberg .
The American currency has almost reached its lowest level in a year against the British pound sterling. Against the euro, Canadian and Australian dollars, and the Korean won, the US dollar fell to its lowest in more than two years. The dollar fell to a five-year low against the Swiss franc.
The dollar is the world’s premier reserve currency. Demand for it plummeted amid optimism about talks to boost the American economy, the emergence of effective vaccines against the coronavirus and the recovery of the Chinese economy. Some players on the American stock market believe that the dollar will continue to fall, and Federal Reserve System ( Fed) will keep rates low for years.
Earlier, the best alternative to the US dollar in 2020 was called the Swedish krona, which over the past 11 months has grown by more than 9 percent against the US currency. In addition, analysts suggested paying attention to the yuan. However, they warned that the growth of the Chinese currency could be speculative due to the victory Democrat Joe Biden in the US presidential election.