US dollar plunges to 3-year low

According to RT, the ICE USD Index - a measure of the greenback's value against major currencies - fell more than 1% to 97.923 points on April 21. This is the lowest level since March 2022.

The dollar also hit new lows against the euro, pound, yen and Swiss franc, while the greenback weakened against the ruble, slipping below 80 rubles per dollar for the first time since June 2024.

The US dollar continues to plummet. (Photo: Getty)

Pressure on the dollar has been mounting since US President Donald Trump announced reciprocal tariffs. Investors have also been further unsettled by Trump’s public criticism of Federal Reserve Chairman Jerome Powell.

Specifically, Mr. Trump said that Chairman Powell was too slow in cutting interest rates and warned that Mr. Powell could lose his job.

“If I wanted him gone, he would be gone in a flash,” President Trump declared.

White House National Economic Council Director Kevin Hassett added that the Trump administration is considering whether it can legally fire Powell before his term ends, warning that firing Powell would damage the dollar's reputation and the central bank's credibility as an independent institution in conducting monetary policy.

Investors have also begun to take more seriously Mr Trump's warnings last week that he would tighten control over monetary policy if the Fed did not act on his demands.

Meanwhile, at the close of trading on April 21, the world spot gold price increased by 96 USD to 3,423 USD/ounce. In the morning session on April 22, the gold market continued to rise, reaching a new record high of 3,448 USD.

The reason for the increasing price of gold is due to the weakening of the USD and the increased demand for shelter as the US-China trade tension escalates.

Kong Anh (Source: RT)

Source: https://vtcnews.vn/dong-usd-lao-doc-xuong-muc-thap-nhat-trong-3-nam-ar939148.html