Dollar Falls From 5-Year High on Speculation It Gained Too Fast
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The dollar declined from the highest level in more than five years amid speculation the currency may have strengthened too much, too fast.
The greenback slipped versus most of its 16 major peers after a gauge of the Bloomberg Dollar Spot Index’s relative strength exceeded 70 on Nov. 28, a level some traders consider a signal an asset may reverse course. Russia’s ruble led a drop by some commodity-producing nations’ currencies as oil reached a five-year low. The yen gained after weakening to a seven-year low as Moody’s Investors Service cut Japan’s credit rating.