Rate cut turns market anti-dollar

NEW YORK -- The US dollar hit three-month lows against several major currencies last week, triggering a welcome return of volatility to the markets after months of range trading.

The euro surged through parity with the greenback hitting $1.01 in trading towards the end of last week, from around $0.981 at the start of the week. The British pound also hit multi-month highs against the dollar at $1.58, falling just short of a two and a half year peak.

A shock 50 basis point interest rate cut fro