The dollar dropped sharply against the euro Wednesday after figures showed that the U.S. trade deficit soared to an all-time high in November.

The trade gap ballooned to $60.3 billion in November, beyond Wall Street expectations that it would narrow to $54 billion. October’s deficit was revised to $56 billion.

The euro jumped to session highs around $1.3292 following the trade report before retreating to $1.3274, still a gain of more than 1 percent from late Tuesday.

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