The dollar retreated on Thursday, hovering near a multi-month low as a risk-on rally drew investors away from the safe-haven currency, reversing Wednesday"s bounce. That bounce was prompted by the minutes from the U.S. Federal Reserve"s most recent monetary policy meeting, in which several policymakers said discussions on tapering of government bond purchases would be appropriate "at some point" should economic recovery continue to gather steam. read more That gave a boost to the greenback, which had been sliding in recent weeks due to repeated Fed reassurances that it is too soon to tighten its accommodative policy and that current price spikes do not portend longer-term inflation. "Most of the moves we"ve seen over the last 24 hours were over the Fed minutes," said Ronald Simpson, managing director, global currency analysis at Action Economics in Tampa, Florida. "The market totally overreacted to them and Treasury yields shot higher." "After some thought the market has realized the Fed is going to need months of better data before it begins to discuss the taper," Simpson added. "Today, the markets took that to heart and it canceled out the moves we saw yesterday." A rally on Wall Street and rebounding cryptocurrencies signaled broad, risk-on sentiment which, along with weakening Treasury yields, helped the dollar erase Wednesday"s advance. The dollar index was last down 0.46% at 89.792. That weakness helped boost the Australian dollar which also got a lift from strong April employment data. It was up 0.56% at 77.71 cents. The euro gained 0.37%, at $1.2219, and the dollar fell 0.38% to 108.80 Japanese yen . Canada"s robust economy and rising commodity costs have pushed the Canadian dollar to its strongest level against the dollar since 2015. The dollar was last down 0.60% against the loonie, at $1.2059. The cryptocurrency rollercoaster was on an upswing in the wake of a steep sell-off following China"s regulatory move against the digital assets. While that sell-off reversed course with the help of bargain hunters, cryptos were last well off their session highs. read more Bitcoin was most recently up 8.9% at $40,050 after plummeting to 54% below its record high, hit just over a month ago, after some of its prominent backers reiterated their support for the digital currency. Smaller rival ether gained 15.32 to $2,811. On Wednesday, it fell 22.8%, its biggest daily fall since March 2020. ======================================================== Currency bid prices at 3:00PM (1900 GMT) Description RIC Last U.S. Close Previous Session Pct Change YTD Pct Change High Bid Low Bid Dollar index 89.7920 90.2200 -0.46% -0.210% +90.2300 +89.7720 Euro/Dollar $1.2219 $1.2175 +0.37% +0.00% +$1.2227 +$1.2169 Dollar/Yen 108.8000 109.2150 -0.38% +0.00% +109.3000 +108.7600 Euro/Yen 132.93 132.95 -0.02% +0.00% +133.0800 +132.7200 Dollar/Swiss 0.8983 0.9037 -0.60% +1.54% +0.9047 +0.8983 Sterling/Dollar $1.4186 $1.4117 +0.49% +3.84% +$1.4188 +$1.4104 Dollar/Canadian 1.2059 1.2133 -0.60% +0.00% +1.2144 +1.2049 Aussie/Dollar $0.7771 $0.7728 +0.56% +0.00% +$0.7781 +$0.7715 Euro/Swiss 1.0975 1.1002 -0.25% +1.55% +1.1020 +1.0976 Euro/Sterling 0.8611 0.8624 -0.15% -3.65% +0.8643 +0.8613 NZ Dollar/Dollar $0.7187 $0.7172 +0.33% +0.21% +$0.7216 +$0.7159 Dollar/Norway 8.3105 8.3250 -0.10% +0.00% +8.3530 +8.2815 Euro/Norway 10.1570 10.1270 +0.30% -2.96% +10.1827 +10.0967 Dollar/Sweden 8.3038 8.3471 -0.16% +1.31% +8.3595 +8.2992 Euro/Sweden 10.1466 10.1630 -0.16% +0.70% +10.1850 +10.1430 Our Standards: The Thomson Reuters Trust Principles.