| CATEGORY: FX |
Wed 01 Aug 2012
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LONDON (SHARECAST) - The dollar lost ground against major currencies on Tuesday as traders gear up for the outcome of key policy meetings in the US and Europe.
Hopes have been high that both the US and the European Central Bank will hint of further stimulus measures the bolster growth and help contain the Eurozone crisis. However by Tuesday traders had a change of heart and concern that action would not be taken by the Federal Reserve and the European Central Bank kept buyers at bay.
The euro gained against the greenback and the yen on Tuesday however any advance is expected to be short-lived on concern that policy makers will not take aggressive enough action to tackle the global economic slowdown.
The euro traded at $1.2311 from $1.2256 on Monday and rose 0.3% against the Japanese yen to ¥96.08.
The dollar index, which measures the US currency against a basket of six other currencies, fell to 82.619 from 82.829 on Monday.
Against the yen, the dollar traded at ¥78.18 from ¥78.19 before.
The British pound bought $1.5682 compared to $1.5704 on Monday as traders prepare for Bank of England's policy meeting on Thursday.
CJ
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