While the Fed scrambles to ‘rescue’ Wall Street from its own mistakes, the dollar continues to tumble as investors predict more rate cuts in the US.

Today marked was the fifth day that the US currency fell against the euro.

The dollar dropped to $1.5821 per euro at 7:17 a.m. in New York, according to Bloomberg. Yesterday, it was at reached $1.5903 versus the euro, the weakest level since the euro started trading in 1999.

“The floods of money coming out of the Fed aren’t tempting anyone,” says John Stepek. “What they are doing, unfortunately, is absolutely destroying the dollar.”

“For a brief moment, a few months back, the dollar looked like it would rebound. The assumption was that with the Fed cutting interest rates rapidly and sharply, the US economy would recover. At the same time, Europe and the UK would slow down as their stubborn central banks held interest rates at comparatively high levels.

“That theory has been proved wrong. Now it seems, the only way is down for the dollar, and with every interest rate cut, the downward slide gets steeper.”