The euro traded close to one-year highs against the dollar Wednesday before the Group of 20 summit and a U.S. Federal Reserve decision on interest rates.
The euro had risen as high as $1.4840, a high for the past year, in spot trading over the past 24 hours. The dollar also sank against the Japanese currency, declining to 90.90 yen from 91.24 yen.
Traders have been ditching the dollar for other currencies, with signals pointing to an economic recovery and the Group of 20 finance officials recently pledging to maintain government spending, low interest rates and increased money supply to shore up the global economy.
Those moves should help boost economic activity and liquidity in financial markets, increasing investors' appetite for assets around the world at the expense of the dollar.
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