2/1, 1:03 PM (Source: TeleTrader)
more TeleTrader news

Dollar retreats vs euro on the back of Fed decision, data

The American dollar lost momentum against the euro on Wednesday ahead of the US Federal Reserve decision on interest rates and after the latest batch of economic data in the eurozone. Investors expect the US central bank to signal the end of the interest rate tightening cycle.

On the other side, today, the European Commission's statistical office Eurostat said inflation in the area fell to 8.5% in January, better than expected. Meanwhile, the seasonally adjusted unemployment rate in the euro area was 6.6% in December.

At 12:56 pm CET, the euro rose 0.19% against the US dollar, changing hands for 0.91811, and the British pound was flat at $1.23277 simultaneously. A minute later, the greenback lost 0.26% against the Japanese yen, trading at 129.7990. Finally, at 12:58 pm CET, the dollar index lost 0.22% and was at 101.8728.

Baha Breaking News (BBN) / JG