Dollar edges down vs euro as traders eye ECB rate decision ✔️ Stratford Management Tokyo Japan

July 20, 2022
Posted by: Stratford Team
Category: Economy

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration

NEW YORK, July 20 (Reuters) – The U.S. dollar edged lower against the euro on Wednesday in a choppy session, but its losses were capped as traders were hesitant to drive big moves ahead of a crucial European Central Bank policy decision on Thursday.

The single currency has rallied more than 3% in the last four trading sessions on expectations the ECB could deliver a big 50-bps rate hike and a Reuters report that a key Russian gas pipeline would reopen on time after maintenance.

“The euro popped yesterday on the slight possibility that the ECB would consider a 50 basis point hike,” said John Doyle, vice president of dealing and trading at Monex USA.

“I think expectations of that have waned a bit this morning especially with…