As the U.S. dollar fell to its lowest since January 2015, currency experts told CNBC the currency’s decline had further to run.
The greenback has fallen since the start of last week and traded at 92.26 against a basket of major currencies on Tuesday. This was the dollar index’s lowest level since the start of last year.
Currencies against which the dollar has posted notable declines include the Japanese yen. The dollar fell below 106 yen on Tuesday after the Bank of Japan surprised some currency traders by introducing no further stimulus measures at its meeting last week.
Analysts at Societe Generale and BBH told CNBC via email the dollar rout had further to run.
Marc Chandler, head of currency strategy at BBH, forecast the dollar would bottom in the coming weeks, reaching roughly $1.18 against the euro and 103 yen.
Kit Juckes, a top strategist at Societe Generale, said the dollar might approach 100 yen, but would need to do so in the next few weeks. He said euro-dollar could near or just fall through $1.20.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.