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The dollar fell sharply versus most majors on Tuesday as risk appetite returned to the markets, improving the prospects for higher-yielding currencies like the euro.
Even with today's rather significant losses, the dollar remains well above where it started 2010, and should receive continued support amid jitters over the sustainability of the global economic recovery.
European Union officials appeared to backstop the euro on Tuesday, giving Greece a one-month deadline to make dramatic budget cuts.
The dollar slid to 1.3775 versus the euro, having dropped nearly 2 cents from last week's 9-month high of 1.3595.
The buck also hit the skids versus the sterling, slipping to a 12-day low of 1.5790. The loss took the dollar away from a 9-month high near 1.5530.
With commodity prices surging, the dollar also came under heavy pressure versus the resource-linked Canadian loonie. The buck fell to C$1.0430 against the loonie, with traders considering manufacturing data from both sides of the border.
In the United States, conditions for New York manufacturers improved at a healthy pace in February, with the index of regional manufacturing activity rising by much more than anticipated.
The Federal Reserve Bank of New York on Tuesday said its index of activity in the manufacturing sector rose to 24.9 in February from 15.9 in January, with a positive reading indicating growth in the sector.
Meanwhile, Canadian manufacturing sales rose 1.6% in December to $43.0 billion, according to official data released Tuesday. The gains in the transportation equipment industry fueled the sixth increase in overall manufacturing sales in seven months and the highest level since December 2008, Statistics Canada said.
Against the yen, the dollar was steady above Y90.
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