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The dollar settled near its lowest level in a month on Wednesday as strong demand in a US bond auction led to a broad drop in Treasury yields and curtailed the interest rate advantage that the greenback enjoyed against other major currencies.
In early trading in London, the dollar rose 0.1% against a basket of rival currencies, to 91.75, its lowest level since March 19.
The US currency reached a four-and-a-half-month high of 93.43 at the end of March but has fallen nearly 2% since then as Treasury yields fell.
The dollar weakened further, due to inflationary pressures that showed US consumer prices rose 2.6% in March, the highest pace in more than eight and a half years.
The dollar was particularly fragile against the yen and euro as the single currency threatens to rise above the psychologically important $ 1.20 level for the first time since early March.
The New Zealand dollar rose 0.4% to $ 0.7086 after the country’s central bank kept the official interest rate and asset purchase program unchanged as expected.
On the cryptocurrency front, Bitcoin hit a record $64,895, before the Coinbase cryptocurrency platform was listed on Nasdaq on Wednesday.
