The dollar on Wednesday logged its largest one-day drop versus the euro since early December, after a disappointing reading on U.S. service-sector activity was seen putting Federal Reserve interest-rate increases on hold.The ICE U.S. Dollar index DXY, +0.09% a measure of the dollar’s strength against a basket of six currencies, fell to a session low of 96.8900, its weakest level since early November and what amounted to a daily drop of more than 2% before paring its decline to 97.9500, a drop of 1.7% on the day.
The euro EURUSD, -0.2071% traded at $1.1108 late Wednesday in New York, compared with $1.0925 late Tuesday in New York. It was the euro’s largest daily gain versus the buck since the European Central Bank unveiled a smaller-than-expected expansion of its stimulus measures on Dec. 3.
The dollar USDJPY, +0.14% weakened to ¥117.78 Wednesday, compared with ¥119.80 Tuesday. The pound GBPUSD, -0.1370% traded at $1.4603, compared with $1.4403 late Tuesday.
Meanwhile, oil prices rebounded, helping to support several resource-linked currencies, including the Russian ruble USDRUB, +0.00% and Canadian dollar USDCAD, -0.2685% against the buck.
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