The dollar is tumbling
Markets Insider
The dollar is tumbling.
The US dollar index is down by 1% at 100.80 as of 7:56 a.m. ET.
This is the lowest level since December 14, the day that the Fed hiked rates when the index was at 100.73.
"After a choppy North American session [on Wednesday], the dollar and US yields remain under pressure," Marc Chandler, global head of currency strategy, wrote.
"The main consideration appears to be the further unwinding of positions when no more details of the new administration's policies were provided," he added.
As for the rest of the world, here's the scoreboard as of 7:58 a.m. ET:
- The euro is up by 0.9% at 1.0676 against the dollar. Data showed industrial production in the eurozone rose by 1.5% month-over-month in November, above expectations of a 0.5% increase, and above the prior month's reading of 0.1%.
- The British pound is higher by 0.7% at 1.2295 against the dollar. Notably, the pound ticked up above 1.2200 on Wednesday for the first time in over two months.
- The Turkish lira is up by 2.2% at 3.7805 per dollar. On Thursday, President Recep Tayyip Erdogan blamed a conspiracy aimed at weakening Turkey for the recent plunge in the lira. "There is no difference between the terrorist who has a weapon (and) a bomb and the terrorist who is using the dollar, the euro and interest rates for their purpose," he said.
- The Russian ruble is stronger by 0.7% at 59.3206 per dollar, while Brent crude oil, the international benchmark, is up by 1.4% at 55.89 per barrel.
- The Mexican peso is up by 1.2% at 21.5925 per dollar.
- The Japanese yen is higher by 1.2% at 114.03 per dollar.
NOW WATCH: Watch Yellen explain why the Federal Reserve decided to raise rates