The U.S. dollar fell against a basket of major currencies on Wednesday after weaker-than-expected U.S. economic data combined with a robust survey of German business morale to drive more unwinding of bullish dollar bets.
The euro rose above $1.10 for a second straight session after the Commerce Department said non-defense capital goods orders excluding aircraft dropped 1.4 percent last month after a revised 0.1 percent dip in January. The report gave investors further reason to sell dollars after a long rally in the greenback that some analysts say was overdone.
"We are hinging on data right now," said Chris Gaffney, president of EverBank World Markets in St. Louis. "This is an example of further unwinding of dollar positions."