The US Dollar (USD) stays on the back foot ahead of the weekend after having suffered large losses against its major rivals throughout the week. Soft inflation data from the United States, growing expectations for a Federal Reserve policy shift amid signs of economic slowdown and loudening calls to move away from the USD in trade transactions have been causing the currency to lose its value.

The US Dollar Index, which tracks the USD performance against a basket of six major currencies, touched its lowest level in over a year below 101.00 and is yet to stage a rebound.