The dollar traded lower against the euro on Wednesday after the Federal Reserve said U.S. economic growth remained tepid. Economic activity expanded at a “modest” to “moderate” pace over thepast few months, the Fed said in its Beige Book report Wednesday.
While the effect of lower gas prices remains mixed, consumer spending did rise in most areas. Commercial and residential real estate pricesare higher and loan demand is on the rise as well.
Earlier, the greenback hit its lowest against the euro in over two weeks after the European Central Bank kept monetary policy steady despite recent market volatility and Bund yields extended their rise.