Major Forex News
Euro Falls From 1-Week High Versus Dollar Amid ECB Rate-Cut Bets
The euro dropped from a one-week high against the dollar amid speculation the European Central Bank will lower its key interest rate when policy makers meet in two days’ time.
The common currency fell versus all but two of its 16 major peers as data showed euro-area unemployment climbed to a record and inflation slowed, adding to signs the region is struggling to emerge from recession. The Federal Reserve starts a two-day policy meeting today. The yen rose, paring a seventh monthly decline against the dollar. Norway’s krone dropped as retail sales stalled in March. The euro declined 0.2 percent to $1.3073 at 7:07 a.m. New York time after rising to $1.3121, the strongest since April 19. It has advanced 2 percent this month. The common currency slid 0.4 percent to 127.55 yen. The Japanese currency added 0.2 percent to 97.56 per dollar, having weakened 3.5 percent since the end of March.
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