In early European deals on Wednesday, the U.S. dollar plummeted against its major counterparts on the back of higher oil prices.
The dollar fell to a 1-week low against the yen, while it eased from a multi-month high against the pound and new multi-week highs against the franc and the euro.
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The dollar plunged to a 1-week low of 87.38 against the yen . The next downside target level for the dollar is seen at 84.4. At yesterday's North American session, the dollar-yen pair was quoted at 88.41.
The dollar touched 1.4768 against the euro and 1.0232 against the Swiss franc, falling from early Asian session's new multi-week highs of 1.4670 and 1.0294, respectively.
If the dollar weakens further, it may target 1.490 against the euro and 0.997 against the franc. The euro-dollar pair closed trading at 1.4702 and the dollar-franc pair at 1.0273 on Tuesday.
The euro remained higher against the dollar today as the German trade surplus increased more than expected in October.
The German trade surplus increased to EUR 13.6 billion in October, the Federal Statistical Office reported. The surplus stood above the expected EUR 10.7 billion and September's revised surplus of EUR 10.4 billion.
After hitting a multi-month high of 1.6170 against the pound, the dollar slipped. As of now, the dollar is worth 1.6316 per pound, compared to 1.6287 hit late New York Tuesday. On the downside, 1.648 is seen as the next target level for the US currency.
