With climbing oil prices, possibly reducing consumer confidence, and increasing the chances the Federal Reserve will cut interest rates again, the dollar weakened to an all-time low versus the euro, Bloomberg reported.

The struggling housing market and the decline in U.S. durable goods orders were also cited by analysts factors in the decline, which has continued for the past three weeks.

The dollar has fallen against 14 of the 16 major world currencies this week, including dropping nearly 5 percent against the South African rand. At 7:26 a.m. the dollar decreased to $1.4378 per euro from yesterday’s $1.4324, after hitting a record low of $1.4387 earlier.

“The dollar is suffering from fading yield support at a time when the market thinks the Fed will have to cut rates again,” said Kamal Sharma, a currency strategist at Bank of America Corp. in London. “The bias is for continued dollar weakness.”