The dollar continued its massive decline on Friday, putting it on the path of recording the largest monthly decline in ten years, as investors fear that a recovery in the US economy may be derailed by difficulties in containing the Corona virus epidemic.
The weak US currency supported the euro to rise, as the single European currency touched 1.19 dollars, its strongest level since May 2018, to record the best monthly performance since September 2010.
Confidence in the American currency further undermined after US President Donald Trump raised the possibility of delaying the US presidential elections scheduled for November.
This came on the same day that GDP data showed a contraction of 32.9 percent in the second quarter, the fastest rate since the Great Depression.
The dollar index fell to 92.546, a level not registered since May 2018.
The index fell 4.9 percent in July, while most of the decline was recorded in the last ten days, as new infections with the Corona virus rose in a number of US states, while some recent data indicates that the economic recovery is losing momentum.
The euro rose to a high of $ 1.1908 before settling at $ 1.1897, up 0.5 percent during the session.
The euro traded below $ 1.10 in May, but after European Union leaders agreed this month to a 750-billion-euro economic recovery fund while they will jointly obtain debt in a major boost to cooperation in the region, many investors have bought the single currency again.
Against the yen, the dollar hit a four-and-a-half-month low of 104.195 yen and reached in the latest trading 104.36, to lose 3.3 percent this month.
Sterling rose to $ 1.3143, the highest level in four and a half months. It slipped slightly against the euro to 90.60 pence.
The Swiss franc continued to rise against the dollar, while the US currency lost another 0.3 percent to 0.9057 francs, its lowest level since early 2015.