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Euro backs off two-week high

FOREX_FED-minutes-euro-backs-off_FXPIG

The euro on Wednesday snapped a four-day rally that had lifted it to a two-week high as markets awaited news of U.S.-China trade talks and Federal Reserve minutes.

The dollar steadied, after falling sharply this week when U.S. President Donald Trump criticized the Fed’s interest rate increases. Minutes of the Fed’s last meeting are expected to confirm it is on course to raise rates twice more this year.

Analysts said growing U.S. political uncertainty, reinforced by the criminal convictions of two of Trump’s ex-advisors, would keep the dollar under pressure, despite the United States embarking on greater monetary tightening than elsewhere.

Immediate currency market reaction to the news was limited, however.

The euro slipped 0.1 percent to $1.1563 EUR= off two-week highs. That was still more than two cents off 14-month lows hit last week on fears of contagion from a currency crisis in Turkey and renewed worries about Italian political turbulence.

The dollar index stood at 95.276 .DXY, 0.1 percent higher.

In quiet markets, the largest mover among the big currencies was the Australian dollar, down 0.4 percent as Prime Minister Malcolm Turnbull faced another possible challenge to his leadership.

The Aussie AUD=, which remains vulnerable to any signs of a Chinese economic slowdown caused by the U.S.-China trade conflict, traded at $0.7345, away from 20-month lows reached last week.

The U.S.-China trade talks are set to begin later on Wednesday in Washington, although expectations are generally low.

Sterling gained 0.8 percent on Tuesday after Britain's chief Brexit negotiator, Dominic Raab, said the country is still confident it can reach an exit deal with the European Union in October. It traded down 0.2 percent at $1.2885 GBP= on Wednesday.

The dollar edged up 0.1 percent to 110.41 yen JPY=. It had weakened to 109.775 overnight, its lowest since late June.

The New Zealand dollar climbed to a two-week peak of $0.6772 NZD=D4 after strong domestic second-quarter retail sales data suggested gross domestic product would exceed the central bank's forecast. The kiwi last traded at $0.6703.

The offshore Chinese yuan CNH= fell 0.2 percent to 6.8442 per dollar with emerging market currencies across the board weak, although losses were contained. The Turkish lira rose TRY= half a percent.

Source:reuters.com

The euro on Wednesday snapped a four-day rally that had lifted it to a two-week high as markets awaited news of U.S.-China trade talks and Federal Reserve minutes.

The dollar steadied, after falling sharply this week when U.S. President Donald Trump criticized the Fed’s interest rate increases. Minutes of the Fed’s last meeting are expected to confirm it is on course to raise rates twice more this year.

Analysts said growing U.S. political uncertainty, reinforced by the criminal convictions of two of Trump’s ex-advisors, would keep the dollar under pressure, despite the United States embarking on greater monetary tightening than elsewhere.

Immediate currency market reaction to the news was limited, however.

The euro slipped 0.1 percent to $1.1563 EUR= off two-week highs. That was still more than two cents off 14-month lows hit last week on fears of contagion from a currency crisis in Turkey and renewed worries about Italian political turbulence.

The dollar index stood at 95.276 .DXY, 0.1 percent higher.

In quiet markets, the largest mover among the big currencies was the Australian dollar, down 0.4 percent as Prime Minister Malcolm Turnbull faced another possible challenge to his leadership.

The Aussie AUD=, which remains vulnerable to any signs of a Chinese economic slowdown caused by the U.S.-China trade conflict, traded at $0.7345, away from 20-month lows reached last week.

The U.S.-China trade talks are set to begin later on Wednesday in Washington, although expectations are generally low.

Sterling gained 0.8 percent on Tuesday after Britain's chief Brexit negotiator, Dominic Raab, said the country is still confident it can reach an exit deal with the European Union in October. It traded down 0.2 percent at $1.2885 GBP= on Wednesday.

The dollar edged up 0.1 percent to 110.41 yen JPY=. It had weakened to 109.775 overnight, its lowest since late June.

The New Zealand dollar climbed to a two-week peak of $0.6772 NZD=D4 after strong domestic second-quarter retail sales data suggested gross domestic product would exceed the central bank's forecast. The kiwi last traded at $0.6703.

The offshore Chinese yuan CNH= fell 0.2 percent to 6.8442 per dollar with emerging market currencies across the board weak, although losses were contained. The Turkish lira rose TRY= half a percent.

Source:reuters.com

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