The US dollar declined sharply against a basket of currencies on Wednesday, as weak consumer spending data pushed back expectations for a Federal Reserve rate hike, while the euro strengthened following upbeat GDP figures.
The dollar index plunged 1 percent to 93.57, its lowest level since January 21 when the index was trekking upward. The dollar index has been in freefall since April 13, when it closed at 99.49. It has declined nearly 6 percent over the past month.
The EURUSD advanced further in intraday trade, climbing 160 pips to 1.1378.