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EUR/USD Down to 1.3160 on ECB Easing Expectations

The dollar hovered just under a 13-month peak against a basket of major currencies early on Wednesday, with the euro still struggling amid expectations of further policy easing from the European Central Bank.

The dollar index rose as far as 82.698 after finally breaking above its Sept. 5 peak of 82.671. It was last at 80.670.  Data on Tuesday showed orders for U.S.-manufactured durable goods posted their biggest gain on record in July, while consumer confidence rose in August to its highest level since October 2007.

The eye-catching U.S. data, albeit driven by a huge jump in aircraft orders, only served to bolster long dollar/short euro positions – a trade embraced in earnest after recent dovish comments from the head of the European Central Bank.

CNBC [1]

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