Friday's U.S. jobs report was a significant factor in the dollar's fall. The U.S. unemployment rate hit 9.7% in August, and that means the Federal Reserve will likely keep interest rates low for the foreseeable future.

Meantime, positive economic news from Australia, Korea, Taiwan, and Europe confirmed views among currency traders that those places will likely be forced to raise interest rates before the U.S. in order to prevent their economies from overheating. Higher interest rates mean better returns for those countries' currencies.

'The core problem for the dollar remains that risk appetite is good, U.S. interest rates are extremely low, and the Fed has done a good job telling us they will stay low a long time,' says Ray Farris, head of foreign-exchange strategy at Credit Suisse in London. 'The market is under a lot of pressure to seek yield on investments. There is no yield in the U.S.'

Indeed, Tuesday's dollar drop came on a day when the cost to borrow the U.S. currency over the longer-term hit a new low. Data from the British Bankers' Association showed the three-month dollar Libor fell to 0.30188% from Monday's 0.30875%. That is the lowest since that index was introduced in 1986.

In some ways, investors are using dollars to reprise a strategy that helped weaken the Japanese yen for much of the decade -- what is known as the carry trade. With interest rates in the U.S. as low as anywhere and expected to stay low, investors can borrow in dollars and buy higher-yielding currencies or emerging-market stocks. Stock markets in Asia and Europe were up broadly Tuesday.

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