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The U.S. dollar fell on Wednesday, touching new lows for 2009 against major currencies, as investors moved to riskier assets like stocks and higher-yielding currencies. The rally in European and U.S. stocks has supported hopes for economic recovery, and together with the drop in U.S. dollar borrowing costs, has encouraged investors to look for higher returns around the world. Renewed concerns over the dollar's long-term status as the world's reserve currency and options-related euro buying also contributed to the sell-off, which started on Tuesday. "The dollar trade is ultimately a risk trade. That is, as risk appetite improves, the dollar gets hurt," said Boris Schlossberg, a director for currency research at GFT Forex in New York. "The move lower, started once a key technical barrier on euro/dollar was lifted late on Friday," he added. "Large options contracts expired and that enabled traders to push the euro through $1.45 and now the target is $1.46. The rise in stocks and commodities is contributing to the move." In midday trading in New York, the euro rose 0.6 percent to $1.4571 EUR= after briefly touching $1.46, a fresh 2009 high, according to Reuters data. UBS AG analysts cut forecasts for the dollar, saying in a note that they raised their one-month euro/dollar forecast to $1.45 from $1.40 and 3-month forecast to $1.35 from $1.30