The Dollar Falls to Its Lowest Level in 9 Days

The dollar hit a 9-day low against major currencies, reversing its recent rally, while the British pound, Australian, and New Zealand dollars advanced.

The dollar rose in September and since the beginning of October on expectations that the US central bank will tighten monetary policy faster than expected, but it retreated, giving up its recent gains, even after the US Federal Reserve minutes confirmed for September that reducing stimulus measures will likely begin this year.

With European markets open, the dollar index fell 0.1 percent on the day to 93.994, its lowest level since October 5. The dollar hit a one-year high of 94.563 on Tuesday.

The euro rose 0.1 percent to $1.16105, its highest level in nine days.

The Australian dollar rose 0.3 percent against the greenback to $0.74055. The currency ignored data that revealed a decline in the number of jobs, while investors are betting on a quick recovery since the easing of the closure measures.

The New Zealand dollar rose 0.5% to $0.7001, hitting its highest level in two and a half weeks.

The Swiss franc rose 0.2 percent against the euro, and hit an 11-month high against the European currency.

The Turkish lira recouped some of its losses and rose from record lows after President Recep Tayyip Erdogan dismissed three members of the central bank’s monetary policy committee.

As for digital currencies, Bitcoin recorded about $57,570.

It hit a five-month high earlier in the session at $58,550.