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Forex: Tuesday's review
The shared currency erased losses versus the dollar after European Central Bank President Jean-Claude Trichet said policy makers are in “strong vigilance mode,” signaling they intend to raise interest rates next week. The dollar fell against most of its major peers as stocks and commodities rose.
The greenback extended its losses after a report showed confidence among U.S. consumers unexpectedly fell in June to a seven-month low.
The Standard & Poor’s 500 Index rose 1 percent. The Thomson Reuters/Jefferies CRB Index of raw materials increased for the first time in five days, climbing 1.2 percent.
The euro rose after Trichet’s comments at a press conference in Amsterdam. The ECB raised its benchmark rate in April for the first time in almost three years, lifting it by a quarter point to 1.25 percent.
Greek lawmakers vote on Wednesday on the austerity package and vote the next day on a measure implementing it.
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