The dollar hit an all-time low against a basket of major currencies for the second consecutive day on Friday, pressured by worries about the health of the U.S. economy and likelihood of more interest rate cuts.

By 1029 GMT, the dollar index had fallen to an all-time low of 78.134.

The market is pricing in a fair amount of rate cuts so the dollar is under pressure. If we get strong data this afternoon, the dollar could rally, but we are not yet at that point, said Naeem Wahid, currency strategist at Bank of Scotland Treasury Services.