EUR/USD Near 1.06 with Fed in Focus

The euro stood firm on Tuesday after soft U.S. data and edginess ahead of this week’s Federal Reserve policy meeting dented the dollar’s rally and helped the common currency pull out from 12-year lows.  The euro was steady at $1.0570, having rebounded overnight from $1.0457, its lowest since 2003.

The euro has been under pressure since the European Central Bank activated its 1 trillion euro bond-buying quantitative easing scheme last week and drove euro zone bond yields to record lows.

It got some relief after Monday’s weaker-than-expected U.S. manufacturing, industrial output and housing data pushed down U.S. debt yields and cooled the dollar’s advance.


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