Dollar drops on $100 crude, soft U.S. factory data
The dollar fell on Wednesday as crude oil hit $100 a barrel and a gauge of U.S. manufacturing tumbled last month to its lowest level since April 2003, increasing expectations for more Federal Reserve interest rate cuts.Crude oil prices shot 4 percent higher on tight energy stockpiles and prompted investors to close risky trades, such as those financed by borrowing cheaply in yen. That accelerated the dollar’s drop against the Japanese currency, with the decline at one point extending past 2 percent, its largest one-day percentage drop since Feb 27, according to Reuters data. Read more from Reuters.