Dollar Slides on Expectations of Less Hawkish Fed, Euro at 1-month High

U.S. Dollar and Euro banknotes are seen in this illustration taken on July 17, 2022. Dado Ruvic/Reuters

LONDON—The euro climbed back above parity against the dollar for the first time in a month on Wednesday after poor U.S. economic data reinforced speculation that the Federal Reserve will slow its interest rate hikes, sending the greenback tumbling.

The European common currency rose as high as$1.0048, the highest since Sept. 20, and was last up 0.5 percent at $1.0021.