The dollar tumbled to near 16-month lows yesterday as traders took comments from a number of central bankers as a green light to continue dumping the currency and to use it as a funding tool to buy other assets.
This so-called carry trade is believed by many market players to be the main driver of the US unit's multi-month decline.
After trading within a tight range for nearly three weeks, the greenback suddenly lurched lower, breaching 74.50 on a trade-weighted basis – its weakest since the start of August 2008 – and decisively cutting through the $1.5050 mark versus the euro.
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