The U.S. dollar Monday descend  against a basket of currencies to its lowest since September as a rally in stocks and prompting  economic data from around the world abraded the greenback’s safe-haven appeal.

On Wall Street, the broader S&P 500 stock index topped the psychologically important 1,000 level for the first time in nine months. European shares ended at nine-month highs and oil rallied 3% to above $71 a barrel.

Positive manufacturing reports from the United States, Europe and China lifted hopes about the global economy and braced risk appetite. That drove the euro to a 2009 high and sterling and the Australian and New Zealand dollars to their highest since autumn versus the U.S. currency.

“The bulls in the equity markets are winning the war so far and that’s really determined the direction for the U.S. dollar,” said Gareth Sylvester, senior currency Strategist at HiFX in San Francisco.

Tags:  china currincies descend Dolla Dollar fell