The dollar slid lower against a currency basket on Thursday as a global sell-off in equities and bonds gathered momentum, spurred by worries over the impact of rising interest rates. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, was down 0.16% to 95.07 by 03:53 AM ET (07:53 AM GMT), after falling as low as 94.88 overnight. Stock markets across Europe tumbled following steep overnight losses in Asia and the largest decline for U.S. stocks in more than eight months on Wednesday as rising U.S. Treasury yields spurred a flight from risky assets. 10-year Treasury yields hit the highest level in seven-and-a-half year highs earlier this week amid expectations for a faster than expected pace of rate hikes from the Federal Reserve as the outlook for the U.S. economy remains strong. The sharp falls on Wall Street prompted U.S. President Donald Trump to once again criticize the U.S. central bank on Wednesday, calling the Fed “crazy” for its plans to continue gradual rate hikes in the coming months.
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