The euro rose the most in a decade this month, the British pound is headed for its best July since 1990, and for the first time this year, every major currency in the world rose against the greenback.
It’s all thanks to the dollar’s 4.6 percent plunge, its biggest monthly retreat since 2010.
The world’s reserve currency of choice was already on the backfoot when U.S. President Donald Trump raised the idea of delaying elections this year. He added fuel to a rout that was driven by falling U.S. Treasury rates, real yields near all-time lows and disappointment over America’s response to the coronavirus compared with Europe.