Business Report: U.S. dollar down, Canada and the rest of the world up

REUTERS/Mark Blinch

The U.S. dollar index, which tracks the U.S. dollar against a basket of six major currencies, has fallen nearly 7.5 per cent so far this year.

That’s its biggest loss since 2002.

In the initial months after Donald Trump’s election, expectations of his agenda had pushed the dollar higher.

But it’s now taking a beating as confidence wanes and the legislative plans of the new president continue to be mired in a congressional quagmire.

READ MORE: Business Report: It’s tough negotiations ahead with NAFTA talks slated for August

Even though the Republicans control the White House, Senate and House of Representatives, not one piece of meaningful legislation has been passed since Trump was sworn in.

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Meanwhile, the Euro has gained 10 per cent year-to-date with the Japanese yen up four per cent and the British pound at a 10-month high so far this year.

However for Canadians the most noticeable gain has been the loonie, up from a low of 72.82 cents in May to over 79 cents just two months later.

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