The dollar tumbled against the world's leading currencies yesterday as investors bet that evidence of a faltering US recovery would lead to further monetary easing by the Federal Reserve.
Currency traders said the worsening outlook for the US economy raised the prospect of a return of the so-called dollar “carry trade”, in which investors take advantage of low US interest rates to invest in higher-yielding currencies.
The yen yesterday approached its highest in 15 years against the dollar, trading at Y85.66, while the euro rose to $1.3261, a three-month high.
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