U.S. dollar's recent decline continues

The U.S. dollar has continued to fall against most other large developed market currencies. After hitting a flight-to-safety high of almost 1,300 in March, the Bloomberg Dollar Spot index has fallen to 1,140. The index is down around 3.5% year-to-date. On Monday, the euro briefly went above the 1.20 exchange rate. Of G10 currencies, only the Norwegian krone is down against the dollar in 2020.

Year to date, many emerging markets currencies are still down more than 10 percentage points vs. the U.S. dollar, including the Argentine peso, Brazilian real, Turkish lira and Russian ruble.