Investing.com - The dollar was steady at eight month highs
against the broadly weaker euro on Wednesday as concerns that a
fresh round of sanctions against Russia would have a negative
impact on euro area growth pressured the single currency lower.
EUR/USD was trading at 1.3464, the lowest since November 21.
Sentiment on the single currency was hit hard by concerns that a
fresh round of sanctions against Russia could have a negative
impact on the growth outlook for the euro area.
The diverging monetary policy path between the European Central
Bank and other central banks has weighed on the single currency
since the ECB cut rates to record lows on June 5, in a bid to stave
off the threat of deflation in the euro area.
EUR/JPY touched five month lows of 136.41 before easing back to
The dollar was almost unchanged against the yen and the
traditional safe haven Swiss franc, with USD/JPY inching up 0.07%
to 101.52 and USD/CHF dipping 0.03% to 0.9020.
The pound edged lower, with GBP/USD slipping 0.11% to
Sterling showed little reaction earlier after the minutes of the
Bank of England's June meeting showed that policymakers voted
unanimously to keep monetary policy unchanged last month.
The minutes also said weak wage growth in the face of strong
employment growth made it difficult to gauge the degree of slack in
the labor market.
The Australian dollar was at one-and-a-half week highs, with
AUD/USD up 0.54% to 0.9444 after stronger than expected data on
underlying inflation dampened speculation over future interest rate
Elsewhere, NZD/USD eased up 0.16% to 0.8680, while USD/CAD was
trading at 1.0743, up just 0.06% for the day. The pair briefly
touched session lows of 1.0711 earlier after data showed that
Canadian retail sales rose at a faster than expected pace in
The US Dollar Index, which tracks the performance of the
greenback versus a basket of six other major currencies, was close
to a five-week high at 80.88.
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