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Euro higher against dollar to $1.4085

Euro higher against dollar to $1.4085

The euro was higher against the dollar Wednesday ahead of U.S. economic data and an interest rate decision by the European Central Bank on Thursday.
The 16-nation euro bought $1.4085 in European morning trading, climbing from the $1.4042 it bought late Tuesday in New York.
The British pound, however, slipped to $1.6454 from $1.6462. The dollar rose to 96.84 Japanese yen compared with 96.32 yen.
The ECB is expected to keep its key interest rate unchanged at 1 percent at its meeting in Luxembourg Thursday and will likely cautiously note some signs that the euro zone economy is stabilizing following unprecedented liquidity injections and big declines in the cost of borrowing.
Higher interest rates can support a currency as investors steer funds to better returns in investments denominated in that currency.
Currency trading may gain further direction from Thursday's U.S. non-farm payrolls report and from Wednesday's monthly manufacturing index from the Institute for Supply Management.


Updated : 2021-07-31 18:17 GMT+08:00