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The dollar fell against all its major developed-market peers Tuesday as a decision by major oil exporting countries to curb supply helped to lift crude, stocks rebounded and U.S. inflation expectations climbed. A move by West Texas crude above $50 a barrel helped to trigger a deeper selloff in the greenback, with the Australian dollar and other commodity-related currencies gaining the most. The Bloomberg Dollar Spot Index extended its decline to as much as 0.5%, taking it close to the nearly three-year low it touched on Monday. The U.S. currency was already under pressure as traders focused on the outcome of two key Senate elections in Georgia that will determine whether Democrats can take unified control of government. “A Blue Wave sweep would most likely be dollar-negative due to increased stimulus, debt issuance,” said Win Thin, global head of currency strategy at Brown Brothers Harriman & Co. He also noted that increasing coronavirus case numbers in the U.S. are also weighing on the dollar.

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