India, June 30 -- The U.S. dollar plunged against major currencies during the week ended June 27 amidst easing geopolitical tensions as well as renewed hopes of trade deals between the U.S. and its trade partners. The ebbing safe haven demand following the ceasefire between Israel and Iran, Fed Chair Jerome Powell's not-so-hawkish congressional testimony as well as weak economic data from the U.S., all contributed to the dollar's decline.
Data released on Thursday by the U.S. Bureau of Economic Analysis had shown the U.S. economy contracting at an annualized rate of 0.5 percent in the first quarter of 2025, recording the first quarterly contraction in three years. The decline was sharper than the second estimate of a 0.2-percent drop.
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