The dollar sold off sharply across the board in the Wednesday session despite a dearth of US economic data earlier in the morning. The greenback plunged to a fresh 14-month low against the euro past the psychologically key 1.50-level to 1.5040, a new 15-month low versus the Swiss franc at 1.0038 and 14-month low against the Australian dollar at 0.9326. A shift into riskier assets continues to be detrimental for the US dollars as traders price in improving conditions in the global economy. Crude oil prices climbed higher today, rallying above the $81 per barrel level by afternoon trading.

The Fed's Beige Book provided an optimistic assessment of the US economy, saying conditions have stabilized or improved modestly in many sectors since its last report. The Fed said that reports of gains in economic activity outnumber the declines, though the improvements are small and scattered. However, it tempered its assessment by saying adding that labor markets are typically characterized as weak or mixed, albeit with pockets of improvement.

The economic calendar for Thursday will see weekly jobless claims, August home prices and the September leading economic indicators index. Weekly jobless claims are estimated to edge up slightly to 515k from 514k in the previous week. Meanwhile, the leading economic indicators index is forecasted to improve to 0.80% from 0.60% in August.

Euro Propped Higher

The euro surged to its highest level since August 2008 above the 1.50-level to 1.5040. The single currency continues to benefit from markets' shift toward riskier assets, with the euro likely to remain buoyed over the remainder of the year. Interim resistance is eyed at 1.5070, followed by 1.51 and 1.5140. Additional resistance is seen at 1.5165, backed by 1.52 and 1.5250. On the downside, support begins at 1.50, followed by 1.4960 and 1.4930. Subsequent floors are seen at 1.49, backed by 1.4850 and 1.48.