Dollar Climbs to Six-Week High Against Euro Ahead of ECB Meeting

Euro may fall to $1.07 ahead of rate decision: Monex
Greenback advances against all of its peers in the Group of 10

Lagarde: ECB Will Likely Cut Interest Rates in the Summer

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By Anya Andrianova and Robert Fullem

January 23, 2024 at 5:23 PM UTC

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The dollar gained against all of its developed-economy peers as markets assess the number of rate cuts central banks around the globe will make this year relative to the Federal Reserve.

The Bloomberg dollar index rose as much as 0.3%, advancing for a second day. The euro lost the most against the greenback on Tuesday as traders unraveled long positions ahead of a euro-area Purchasing Managers Index report and the European Central Bank decision later this week.