The US Dollar dropped to $0.7704 against the Euro earlier today, the lowest level since May 2005, before climbing back up to $0.7722 during midday trading in New York. The USD drop came after low U.S. employment data was released last week, thereby lowering expectations that the Fed would raise interest rates this month. Reuters reports:

Reflecting market expectations that the dollar’s interest rate advantage is set to erode, currency speculators have increased their bets that the euro will appreciate against the dollar to record highs, data showed on Friday. “If you look at market positioning you can see that dollar bearish sentiment is pretty much growing across the board,” said Naomi Fink, foreign exchange strategist at BNP Paribas in New York.

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