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Dollar eases against euro as investors eye European Central Bank meeting

Published 12/07/2016, 06:21 PM
Updated 12/07/2016, 06:41 PM
Fed news anticipated as well by market.

Investing.com - Forex traders nervously eyed upcoming meetings of the European Central Bank (ECB) and the Federal Reserve, as the dollar eased against the euro.

TheEUR/USD settled at 1.76, up 0.4%.

The GBP/USD increased 0.6% and finished the day at 1.2624.

The USD/JPY was down a bit, at 113.66 on forex markets.

Traders this week have concentrated on the euro after Italian Prime Minister Matteo Renzi's somewhat surprising loss in a referendum over constitutional changes on Sunday.

Immediately dropping on the news, the euro rallied on Monday and has in the days since then stayed below three-week highs against the dollar.

Investors await news on the ECB and Fed for possible interest rate policy updates.

ECB may continue its strategy of "quantitative easing," while the Fed is expected to raise interest rates to tamp down the hydra-headed specter of inflation for the U.S.

The US Dollar Index measures the greenback against a basket of major currencies, fell 0.31 percent to 100.18, on Wednesday.

President-elect Trump has talked about several publicly traded companies since the election, impacting their share value, but hasn't said anything about currencies or forex in the last month.

Kellyanne Conway, his campaign manager, today said Trump has interviewed 75 business and government leaders for the cabinet, or for economic advice, in the weeks since the campaign ended.

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