The dollar tumbled to its lowest level in nearly a year as investors fled a safe haven for riskier assets and worried that the U.S. economy could be a laggard in the global recovery.
The decline was broad, with the dollar falling against most major currencies, and dropping 1.1% against the euro.
As the dollar fell, investors bought up gold, which briefly crossed $1,000 an ounce, and other commodities. The dollar, down 3.7% against the euro this year, is now trading where it was before investors rushed into the U.S. currency to escape global market turmoil after Lehman Brothers collapsed.
Dollar Sinks to Low for Year - WSJ.com
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