US dollar hits 7 year low
A money changer poses for the camera with a U.S dollar (R) and the amount being given when converting it into Iranian rials (L), at a currency exchange Reuters

The US dollar suffered its worst losses since the Treasury started the bond-buying programme seven years ago, plunging 1.7 percent against its major peers on Wednesday.

The safe haven currency's tumble came after New York Fed President William Dudley tempered hopes regarding the timing of an interest rate hike.

Besides the Fed comments, the Institute of Supply Management (ISM) survey that showed US services sector activity had slowed to a near two-year low also pressured the greenback.

The currency made no gains in Asian trade on Thursday as it hit a seven-year low against the Singapore dollar at $1.41468.

The dollar lost all the gains it had made against the Japanese yen following Bank of Japan's adoption of a negative interest rate last week. The greenback fell 1.7 percent against the yen.

The euro hovered near a 3-1/2-month high of $1.1145, seeing a 1.7 percent rise against the greenback.

The Canadian dollar rose to a 7-week high of C$1.3720 to the dollar.

"The dollar may rebound as it could have overreacted to the ISM non-manufacturing numbers. But it could still fall below 117 yen on fresh dovish comments from Fed officials," Masafumi Yamamoto of Mizuho Securities, told Reuters.