The dollar hit its lowest level since the start of the year on Tuesday, as investors braced for the Federal Reserve to start lowering interest rates and the August sell-off that spooked markets faded.
The US currency has fallen 2.2 per cent against a basket of rival currencies this month — back to a level not seen since the first trading day of January — as investors expect the US central bank to cut rates next month.
The weaker greenback comes as the S&P 500 stock index has recovered nearly all of its losses from early August following a weak US jobs report and fears of an imminent recession. Since then calmer markets and more durable economic data have pushed investors back into “risky” assets.
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