Investing.com – The U.S. dollar was down sharply against all of the other major currencies on Wednesday, amid rising expectations that the Federal Reserve would announce a second round of monetary easing to boost U.S. growth.
During European late afternoon trade, the greenback was down against the euro, with EUR/USD jumping 1.65% to hit 1.3953. Earlier in the day, official data showed that German producer price inflation rose more-than-expected in September.
The greenback was also down against the pound with GBP/USD soaring 0.98% to hit 1.5861. Earlier Wednesday, U.K. Chancellor George Osborne unveiled spending cuts worth GBP 80 billion aimed at reducing the country’s record budget deficit.
The greenback was also down against the yen and the Swiss franc, with USD/JPY shedding 0.56% to hit 81.13 and USD/CHF plunging 1.06% to hit 0.9615.
Earlier in the day, the Bank of Japan’s deputy governor said that the bank will continue to pursue “strong” monetary policy measures and stands ready to take appropriate monetary action against the rising yen.
The greenback was also down against its Canadian, Australian and New Zealand counterparts, with USD/CAD tumbling 0.87% to hit 1.0247, AUD/USD jumping 1.75% to hit 0.9755 and NZD/USD soaring 1.33% to hit 0.7541.
Earlier Wednesday, official data showed that Canadian wholesale sales rose more-than-expected in August.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 1.30%.
Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.
During European late afternoon trade, the greenback was down against the euro, with EUR/USD jumping 1.65% to hit 1.3953. Earlier in the day, official data showed that German producer price inflation rose more-than-expected in September.
The greenback was also down against the pound with GBP/USD soaring 0.98% to hit 1.5861. Earlier Wednesday, U.K. Chancellor George Osborne unveiled spending cuts worth GBP 80 billion aimed at reducing the country’s record budget deficit.
The greenback was also down against the yen and the Swiss franc, with USD/JPY shedding 0.56% to hit 81.13 and USD/CHF plunging 1.06% to hit 0.9615.
Earlier in the day, the Bank of Japan’s deputy governor said that the bank will continue to pursue “strong” monetary policy measures and stands ready to take appropriate monetary action against the rising yen.
The greenback was also down against its Canadian, Australian and New Zealand counterparts, with USD/CAD tumbling 0.87% to hit 1.0247, AUD/USD jumping 1.75% to hit 0.9755 and NZD/USD soaring 1.33% to hit 0.7541.
Earlier Wednesday, official data showed that Canadian wholesale sales rose more-than-expected in August.
The dollar index, which tracks the performance of the greenback versus a basket of six other major currencies, was down 1.30%.
Later in the day, the Federal Reserve was to release its Beige Book, a summary of the data the bank examines before setting the benchmark interest rate.