Dollar continues to drop, hits lowest level since June 2018

The US dollar continued its broad slide on Monday, hitting its lowest level in 2 years, despite the release of strong data and ahead of the Federal Reserve meeting.

The greenback's 7-day slide came as the US 10-year Treasury bonds yield started to head lower, in addition to strong safe-haven demand for precious metals.

While the geopolitical tensions between the US and China continued to escalate after the closure of both countries' consulates, which opens a new round of tensions between the world's two largest economies.

Data showed today that the US durable goods orders index rose by 7.3% in June, beating forecasts of 7%.

Otherwise, optimism took over global markets about an effective coronavirus vaccine coming down the pike in the next few months.

The dollar index fell against a basket of currencies by 0.8% to 93.6 points as of 17:15 GMT, after it hit an intraday high of 94.6 and a low of 93.3.