Dollar selloff continues; euro pushes above $1.12

The dollar came under renewed pressure Thursday, building on Wednesday’s rout on concerns about the strength of the U.S. economy and fading expectations that the Federal Reserve will deliver more interest-rate increases this year.

“The continued moderation in U.S. rate expectations continues to leave the [dollar] on the defensive,” said Jeremy Stretch, currency strategist at CIBC.

The euro EURUSD, -0.1873%  traded at $1.1211, up from $1.1109 late Wednesday in New York and topping the $1.12 level for the first time since October. The euro rose earlier in the day, despite a speech by European Central Bank President Mario Draghi that emphasized the “risks” surrounding a “wait-and-see” approach to embarking on further monetary stimulus.

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