Managers of US$3t buy greenback after 6-mth slide

New York

THE US dollar has been mired in its worst slump in a decade, battered by political drama in Washington and shifting bets on central-bank policy. Managers of US$3 trillion say the carnage has gone on long enough.

Mellon Capital Management Corp, State Street Global Advisors and UBS Asset Management are wagering that the greenback will recoup some of its 9 per cent slide in 2017 as traders embrace a scenario that was all but written off a few weeks ago: a December rate hike by the Federal Reserve.