A worker carries a sheet of newly printed U.S. dollar bills at the Bureau of Engraving and Printing’s Western Currency Facility in Fort Worth, Texas, Dec. 8, 2022. [AP Photo/LM Otero]
The US dollar has had its worst start for the year since 1973, in the wake of President Nixon’s August 1971 decision to remove its gold backing and abrogate the Bretton Woods Agreement of 1944, which had been a central plank of the post-war monetary order established after the chaos of the 1930s.
In the first six months of the year, it has fallen by more than 10 percent against a basket of six major currencies, in a sign of a loss of confidence in its status as the dominant currency and a safe haven in periods of financial turbulence and stress.
The dollar had been under downward pressure from the beginning of the year, with a turning point in its slide coming after April 2, when Trump announced the…
