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Forex: Tuesday’s review
Yesterday the euro fell versus the dollar and the yen amid speculation European Central Bank President Mario Draghi will announce measures as soon as this week to ease the region’s debt crisis.
Draghi said the bank’s primary mandate compels it to intervene in bond markets to wrest back control of interest rates and ensure the euro’s survival. The ECB announces its next policy decision on Sept. 6.
The 17-nation currency traded at almost the strongest in two months versus the dollar as European leaders stepped up shuttle diplomacy before erasing gains as global stocks declined.
European Union President Herman Van Rompuy traveled to Berlin for talks with German Chancellor Angela Merkel today as Italian Prime Minister Mario Monti hosts French President Francois Hollande in Rome.
The dollar briefly pared gains against major counterparts after a report showed manufacturing in the U.S. contracted for a third month.
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