Dollar Weakens Amidst Fiscal Worries Triggered by Record Debt

The U.S. dollar weakened against major currencies last week amid fresh fiscal worries triggered by the U.S. debt surpassing $40 trillion.

Losses were contained, however, as Federal Open Markets Committee minutes released on Wednesday hinted at a possible rate hike in September.

The Dollar Index dropped nearly 1% on a weekly basis due to the dollar's decline against several major currencies, including the euro, British pound, Australian dollar, Japanese yen, Swiss franc, Canadian dollar, and Swedish krona.