The dollar fell to a 16-month low as rising risk appetite encouraged investors into carry trades and talk circulated that China was set to allow its currency to rise significantly.
Risk appetite was boosted as stocks rallied after robust corporate earnings raised hopes over global growth and a successful Spanish bond auction lessened fears over eurozone government finances.
Robert Lynch, of HSBC, said that prompted investors to move back into carry trades, in which low-yielding currencies such as the dollar are sold to fund the purchase of higher yielding assets elsewhere.
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