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Dollar hits lowest level since November 9 as euro consolidates gains

The dollar touched its lowest level since November 9 on Wednesday and appeared on track for the lowest close since October after comments from the eurozone’s central bank president on Tuesday helped bolster the single currency.

The dollar index, which measures the greenback against a basket of peers, was off as much as 0.1 per cent at 96.322, the weakest intraday level in six months.

That persistent weakness came after the index ended Tuesday 1.1 per cent lower after upbeat comments from European Central Bank president Mario Draghi triggered a rally for the european bond yields, bolstering the euro.

The euro was up 0.1 per cent in Asia at $1.135 and its highest level since last August, consolidating its 1.4 per cent gain on Tuesday in the wake of Mr Draghi’s comments. Yields on German and UK bonds also closed higher yesterday.

Yesterday also saw the biggest one-day sell-off for US treasuries since January.