The dollar pushed further away from 15-month lows on Thursday, forcing gold prices lower while global equities slipped from the top of their recent range.

The risk correlation between assets -- where the dollar falls when investors buy riskier assets and vice versa -- remained in place.

Some emerging market currencies fell, however, as investors worried about the introduction of capital controls to stem speculative flows, following a new move by Brazil.

On currency markets, traders were generally taking profits from recent bets on higher-yielding currencies.

The ultra low-yielding dollar and yen climbed with the biggest losers being the likes of the New Zealand and Australian dollars and the major European currencies.

The euro fell more than 1 percent against the yen at 132.15 yen and was down 0.8 percent on the day against the dollar at $1.4850.

The dollar index, which tracks the currency against major currencies, was up half a percent <.DXY>.

Until such time as the U.S. and Chinese authorities signal meaningful changes to their respective economic and currency policies ... we suspect that there will be little basis for any lasting recovery for the USD, Bank of New York Mellon said in a note.

However, with the year-end fast approaching and with many currency pairs and equity indices in close proximity to some key levels, there can be no discounting a short-term correction.

In emerging markets, the Indonesian rupiah and the Indian rupee fell on concerns over official steps to curb capital flows.

Brazil took another step on Wednesday to try to contain the appreciation of its currency, unveiling a 1.5 percent tax on certain trades involving American Depositary Receipts issued by Brazilian companies.

The relative strength of the dollar knocked gold below its record of $1,150 an ounce, reached on Wednesday. But it was still strong at $1,137.

Gold is holding onto gains incredibly well considering the lack of support from the dollar overnight. Momentum in gold is phenomenal at the moment, said a trader.


World stocks dipped half a percent as measured by MSCI <.MIWD00000PUS>. They hit a year high on Monday, since when they have fallen more than 1 percent.

European shares were lower for the third consecutive session, with food producers leading the losers after Danone cut its sales growth target.

The pan-European FTSEurofirst 300 <.FTEU3> index of top shares was down 0.2 percent.

I get the impression now there are an awful lot of people beginning to close their books and start minimizing risk before the holiday period, said Justin Urquhart Stewart, director at Seven Investment Management.

Volumes are coming down, that may mean if we get any serious news, we could get a bit of volatility coming through.

Japan's Nikkei <.N225> lost 1.3 percent.

Euro zone government bond yields were generally flat.

(Additional reporting by Joanne Frearson, editing by Mike Peacock)