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The dollar sank to a three-month low as rising commodity prices reignited bets that the global reflation trade will take hold in 2018, dimming the greenback’s appeal relative to currencies of faster-growing economies.

The U.S. currency fell against most major and emerging-market counterparts Tuesday as the Bloomberg Commodity Index reached its highest level in about 11 months. Combined with reports showing strength in Chinese and European manufacturing, there is probably more pain ahead for the dollar as investors anticipate money flowing into other economies, said Mark McCormick at Toronto Dominion Bank.

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