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Euro falls against dollar to $1.3250

Euro falls against dollar to $1.3250

The euro fell against the dollar Wednesday as investors anticipated a rate cut from the European Central Bank later in the week.
The 16-nation euro fell to $1.3250 from $1.3313 late Tuesday in New York.
At its meeting Thursday, the ECB could cut its main interest rate by a quarter percentage point to 1 percent from the current 1.25 percent, a move some analysts say is a sure bet.
Lower interest rates often cause a currency to lose value as investors move funds to where they can earn higher returns.
Also Tuesday, U.S. Federal Reserve Chairman Ben Bernanke told Congress the economy should start growing again later this year. But he warned that even after a recovery gets under way, economic activity is likely to be subpar, and companies will still be cautious about hiring workers.
In other trading, the British pound bought $1.5018 Wednesday compared with $1.5070, while the dollar bought 98.23 Japanese yen compared with 98.98 yen late Tuesday in New York.


Updated : 2021-04-13 02:01 GMT+08:00