The US dollar is experiencing a substantial decline, having weakened more than 9% this year amid uncertainty about US policy.
This has triggered a flight from US assets, with Bank of America reporting the most pessimistic dollar outlook from investors in nearly 20 years.
As the dollar falls, safe-haven currencies have appreciated significantly – the Japanese yen (10%), Swiss franc and euro (11%) have all strengthened, alongside currencies like the Mexican peso, Canadian dollar, Polish zloty, and Russian rouble.
However, some emerging markets have seen their currencies hit record lows despite the weaker dollar.