Dollar weakens further after Fed's retreat

New York

THE dollar tumbled against major currencies on Thursday, falling around 1 per cent against the euro, yen and Swiss franc, as markets sold off in reaction to Wednesday's dovish statement from the Federal Reserve.

The dollar was notably volatile against the yen, moving sharply lower before snapping back, rising a full yen during the US session from a level weaker than 111. However, the greenback weakened once again and was last down 1 per cent at 111.51.