EUR/USD Drops Towards 1.39 before ECB Rate Review

The euro stepped back from a near two-month high against the dollar early on Thursday ahead of an interest rate review by the European Central Bank, while the greenback found a steadier footing after this week’s surprisingly large pullback.

The euro last traded at $1.3911, down from a near two-month peak of $1.3952 set on Tuesday. The dollar also recouped a bit of ground against the yen, edging up to 101.88 from a three-week trough of 101.43.

That helped the dollar index drift up to 79.234 from a six-month low of 79.060.  The dollar had suffered a big fall on Tuesday after weeks of range trading, but managed to stabilize after Federal Reserve Chair Janet Yellen offered no surprises at her testimony to Congress on Wednesday.


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