US dollar prices fell below the level of the previous record low of 1.875 per cent on Monday.

The US currency has fallen to a fresh low against the greenback against a basket of major currencies.

The greenback was last trading at 1.936, below the 2 per cent low it hit in late May.

The move by the US Federal Reserve is seen as a significant signal that it will begin reducing its key interest rate in a bid to stimulate the economy.

However, the currency has not rebounded from the September trough.

The yield on the 10-year US Treasury note fell to 1.4 per cent.

US Treasuries are widely viewed as a safe-haven asset as they have historically held relatively low rates compared to the US government’s interest-rate policy.

But this week’s sell-off in the US dollar could see the dollar weaken further against other major currencies, such as the Japanese yen and the European Union’s euro.

This is in stark contrast to its outlook for the UK, where the pound has gained over the last few months and is forecast to continue to rise, according to analysts.

“We have been looking for a low-cost global financial environment,” said John McAfee, a former hedge fund manager who is now managing director of research and analysis at the Macroeconomics Institute.

“It is certainly not the case, but the dollar has now gone down below that of the other major currency.

It has gone down to where the Fed is looking for it.”

The move has come at a time when the US has seen its manufacturing and construction sectors struggle, as well as a sharp decline in the stock market.

The fall in the dollar against the euro and other major global currencies has led some to question whether US consumers would benefit from lower prices.

“The question for us is: how are we going to recover?

We are going to lose jobs, we are going not to be able to afford to buy things,” said economist Robert Lazonick, a senior economist at JPMorgan Chase.

The dollar was last up about 1 per cent at 113.80 US cents on the euro. “

If we can get our house in order, if we can buy what we need and can afford to pay for it, that is a good thing.”

The dollar was last up about 1 per cent at 113.80 US cents on the euro.

US stocks, which were buoyed by a recent rally in oil prices, have fallen more than 60 per cent since the election of President Donald Trump.