The U.S. dollar declined, reaching multi-month lows against some major rivals Wednesday, as equities gained traction, reducing the need for the safe-haven the U.S. currency has provided throughout the credit crisis.
Price action may be limited before the Federal Reserve releases the minutes of its last policy-setting meeting, which analysts await for clues about its economic outlook and evaluation of its debt-purchases programs.
"Generally upbeat sentiment over the economic recovery outlook has resulted in a definite lack of dollar buyers recently," said analysts at Action Economics.
The euro rose to $1.3726 from $1.3626 in late North American trading Tuesday and the dollar slipped to 95.73 yen from 96.01 yen.
The dollar has now dropped for three straight sessions against the euro and three of the last four vs. the yen.
