On Friday, oil prices fell through the $30 a barrel level, pressured lower by expectations that Iran will resume exports as soon as international sanctions are lifted, amid a global supply glut.
Prices for industrial metals, such as copper and nickel also fell. The renewed drop in oil and commodity prices sent global equity markets tumbling amid fears of a global economic slowdown.
The dollar also came under pressure after data showing that U.S. retail sales unexpectedly fell in December while U.S. industrial production also fell last month, down for the third consecutive month.
The greenback dropped against the Japanese yen, hitting the weakest level since August 24, with USD/JPY to trade at 116.50 and settled at 117.04 in late trade, off 0.86% for the day.
The low yielding euro gained ground against the dollar, with EUR/USD at 1.0915 in late trade.
The Australia dollar tumbled, with AUD/USD hitting lows of 0.6828, the weakest since May 2009, before settling at 0.6862, down 1.73% for the day.
The New Zealand dollar fell to three-and-a-half month lows against the greenback, with NZD/USD at 0.6459 late Friday.
The Canadian dollar fell to fresh 12-year lows against its U.S. counterpart, with USD/CAD rallying 1.22% to 1.4540 in late trade.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last at 98.99, off 0.13% for the day, as gains against the currencies of commodity producing countries with limited losses.
Ahead of the coming week, investors will be awaiting data on Chinese fourth quarter growth, amid concerns over the outlook for the world’s number two economy, while Friday’s data on euro zone private sector growth will also be in focus.