The dollar slipped to its lowest level in six weeks against major currencies as markets absorbed a crumbling U.S. Treasury yield last week after the Federal Reserve renewed that any inflation surge would likely be temporary.

The US currency has been affected by an improved appetite for risk as shown by a surge in global equities to record highs.

The dollar index, which measures the strength of the US currency against other major currencies, slipped 0.57% to 91.096, continuing a downward trend that began on March 31.

The decline in the green currency reached its extent in the early part of the two transactions, when it reached its lowest levels in several weeks against major currencies such as the Japanese yen, the Swiss franc, the Australian and New Zealand dollars and the euro.

The 10-year U.S. Treasury yield rose slightly to 1.6082 percent today after hitting 1.5280 percent last week from 1.7760 percent in March.

The European Central Bank is meeting on Thursday amid internal divisions over the pace of bond purchases, the extension of COFID-19 closures and possible delays to the European Union recovery fund.