Against a basket of its rivals, the dollar dropped 0.5% to 96.479 in late afternoon trading. A decline in the dollar earlier this week set off the so-called "Death Cross," a bearish technical formation that occurs when the 50-day moving average crosses below the 200-day moving average.
NEW YORK: The dollar dropped to two-week lows on Wednesday, showing reduced safe-haven appeal for now, as U.S. tech stocks rallied and commodity prices firmed, even as sentiment remained cautious amid a resurgence of new coronavirus cases globally, particularly in the United States.
The euro, meanwhile, rose to three-week highs against the dollar, while commodity currencies such as the Australian, New Zealand, and Canadian dollars gained.
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