The Dollar Index, which tracks the U.S. currency against six leading trading partners (but not China), fell the most in a single day since last April 10, when it tumbled almost 2% amid mounting trade disputes and U.S. threats to impose a 145% tariff on China. That same day, the S&P 500 slid 3.5% and the Nasdaq Composite sank 4.3%.

The American dollar continued to plummet against other currencies on Tuesday, leaving one currency expert to wonder if the United States administration is looking to devalue the greenback on purpose.

The dollar ticked up Wednesday following another selloff fuelled by Donald Trump's suggestion he was happy with the currency's recent decline, while tech firms extended their rally ahead of much-anticipated earnings from the sector this week.

US President Donald Trump has been a vocal advocate of a weaker US Dollar, citing devaluation attempts by countries such as China and Japan. He also believes that a weaker Dollar will promote export competitiveness and bring down the country's trade deficit.

President Donald Trump’s relaxed tone about the dollar selloff is fueling speculation the US currency is at the start of a longer-term decline.