US dollar on track for biggest 2-day drop in a year

London

THE US dollar sank broadly against its rivals on Thursday and is on track for its biggest two-day drop in a year after the US central bank signalled it was ready to cut interest rates as early as next month.

The sharp fall in the US dollar took currency markets by surprise and forced some hedge funds that had built up large long dollar bets before the rate decision to dump the greenback.