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The euro broke new records above $1.50 against the dollar on Wednesday, pushing oil and precious metals to fresh peaks, while weighing on equity markets.
The dramatic moves followed weak US data and comments from the Federal Reserve which reinforced expectations of further aggressive US rate cuts.
Dollar weakness was widespread. There were records for the euro, which climbed as high as $1.5087, and the Swiss franc, which hit SFr1.0668. The dollar index, a measure of the US unit’s strength against a basket of currencies, fell to a record low of 74.264.
Tumbling US house prices and weak consumer confidence overshadowed rising producer price inflation on Tuesday. Later, the Federal Reserve’s Don Kohn said slowing growth was a greater risk than rising inflation.
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