Dollar Drops as Risk Sentiment Improves

The U.S. Dollar (USD) declined on Wednesday, dropping across the board, amid an improvement in the risk appetite among investors.

The Dollar Index (DXY) that measures the greenback against a basket of six major international currencies is down by 0.24% at 92.75, after fluctuating throughout the day between 92.726 and 93.191, moving almost entirely in the negative territory during the American session.

The British Pound (GBP) was among the best performers against the USD today, with the GBP/USD pair gaining 0.63% to reach 1.3716. This was the first rise for the pair in five sessions and its biggest gain since July 9, recovering from its lowest level since February, which it hit yesterday.

Meanwhile, the Euro (EUR) increased by 0.11% to the Dollar, following four consecutive declines, as the EUR/USD pair reached 1.1796.

Commodity currencies, such as the Canadian (CAD), Australian (AUD), and New Zealand (NZD) Dollars registered gains against the USD, which in turn rose against the safe haven Japanese Yen (JPY) by about 0.40%.