The euro strengthened against the dollar for the third day in a row Wednesday, breaking above $1.10 for the first time in more than a month as a selloff in crude-oil pushed investors out of the shared currency’s commodity-linked rivals.The euro EURUSD, -0.1905% traded at $1.1020 late Wednesday in New York, compared with $1.0888 late Tuesday. It rose as high as $1.1043 earlier in the session — its highest level since Nov. 3, according to FactSet data.
Falling oil and industrial commodity prices pushed the currency higher as investors unwound bets on commodity-linked rivals like the Brazilian real USDBRL, -0.2213% that were funded with borrowed euros.
The ICE U.S. Dollar index DXY, +0.11% a measure of the dollar’s strength against a basket of six currencies mostly comprising the euro, was down 1.1% to 97.720, its lowest level since Nov. 4, according to FactSet.
Elsewhere, the dollar USDJPY, +0.11% weakened to ¥121.3620 late Wednesday, its lowest level since Nov. 4, compared with ¥123.00 late Tuesday in New York.
The British pound GBPUSD, -0.0198% rose to $1.5184 late Wednesday, compared with $1.5011 Tuesday, as investors bought pounds ahead of Thursday’s Bank of England policy meeting.
The People’s Bank of China pushed Chinese yuan USDCNY, +0.1633% traded in the onshore market to a four-year low by setting its daily reference rate for the currency at its lowest level since August 2011. The currency, also known as the renminbi, traded at as low as 6.423 to the dollar, compared with 6.419 Tuesday.
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