XE Market Analysis: Europe – Jul 31, 2020

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The dollar continued lower in what is now the biggest monthly decline the U.S. currency has seen in a decade. The narrow trade-weighted USD index printed a fresh 26-month low at 92.59, the culmination of a 5% decline from the finishing level in June and marking just over a 10% drop from the highs seen in early March. U.S. Treasury yields have printed fresh lows, with the 30-year bond in record low territory, extending declines seen since yesterday’s release of U.S. Q2 GDP data, which came in at a dismal -32.9% y/y, although this met the consensus expectation.