The dollar dropped to the lowest level in more than five months against a basket of peers as a decline in currency volatility spurred investors to seek out higher-yielding assets.
The U.S. currency fell for a second day against the euro after a U.S. job report last week showed employers added fewer workers than economists forecast, damping speculation the recovery is gaining momentum. Australia’s dollar strengthened along with the currencies of New Zealand and South Africa. The yen rose as the Bank of Japan refrained from adding extra stimulus at a policy meeting. A Bloomberg index of emerging-market currencies reached an almost four-month high.
The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 of its major counterparts, declined 0.5 percent to 1,009.19 at 10:58 a.m. in New York after falling to 1,008.58, the lowest level since Oct. 31.
The dollar dropped 0.3 percent to $1.3789 per euro after sliding 0.3 percent yesterday. The greenback depreciated 0.9 percent to 102.16 yen after sliding to 102.07, the weakest since March 28. Japan’s currency rose 0.6 percent to 140.86 per euro
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