Dollar Sell-Off Deepens Amid Weak Growth Data and Suspected Intervention

The US Dollar's value continued to decline on weak economic growth data, causing a broad sell-off in the currency.

The latest GDP figures showed slower-than-expected US economic growth, leading traders to reassess the likelihood of further interest rate hikes by the Federal Reserve.

This triggered a sharp drop in the Dollar's value against other major currencies, including the Japanese Yen, which surged amid speculation that the Bank of Japan and Ministry of Finance intervened in the foreign exchange market to support it.

The Dollar's decline also lifted other major currencies, such as the Euro and British Pound, as the greenback weakened broadly.