Dollar Retreats in Broad Sell-Off
NEW YORK — The dollar sold off broadly overnight Tuesday, reversing gains from the two previous global sessions to hit new 12-month lows against the euro and Swiss franc.
Investors turned to higher-yielding currencies as most Asian shares and European stocks moved higher, triggering a new wave of risk-taking. In early New York trading, high-yielding currencies have backed off their overnight highs and trading is somewhat volatile.
The dollar bloc currencies were the top performers in the overnight session, led by the New Zealand dollar, which set a new high for the year after posting its lowest annual current account deficit in more than four years, said Brown Brothers Harriman analysts.
The euro hit $1.4822 — a fresh 12-month high — and the dollar hit 1.0216 Swiss francs — a new 12-month low — as traders abandoned the positions they had staked out Monday in anticipation of this week’s meetings of the G20 and the Federal Open Market
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