Dollar Plummets to 10-Week Low on Weak Economic Data

The US dollar hit a 10-week low on Monday as weak economic data weighed on expectations for a Federal Reserve interest rate hike in September.

According to the dollar index, which tracks the greenback against six major currencies, the dollar dropped around 0.3% to 99.19, its lowest level since June. This decline reflects market expectations of a less restrictive monetary policy outlook.

The yield on the benchmark 10-year US Treasury note also fell to around 4.68%, reflecting this shift in expectations.