The European Single Currency, euro, on Wednesday, June 13, gained ground on the greenback amid expectations that the European Central Bank on Thursday would signal its intention to taper its 2.55 trillion euro (2.3 trillion pounds)) bond purchasing program later in 2018.
The euro eased off last week’s three-week high of $1.1840 but remained underpinned by expectations the ECB will mention plans to wind up its stimulus and even hint at the timing of its first interest rate rise when it meets on Thursday.
The British pound dipped to a one-week low of $1.3309, unable to hold gains made on Tuesday when it briefly rose to $1.3424 after British Prime Minister Theresa May saw off a parliamentary rebellion over amendments to a bill for the country’s exit from the European Union next year.
The dollar soared against some emerging market currencies and hit a three-week high against the yen on Wednesday as investors braced for what is expected to be the Federal Reserve’s second interest rate increase of 2018.
The Canadian dollar, which has fallen heavily in recent weeks on concerns an escalating trade dispute with the United States would hit Canada’s economy hard, rebounded nearly 0.2 percent to C$1.2992, above what was nearly a three-month low of C$1.3068 set last week.
The Norwegian crown rallied for a second straight session against the dollar and the euro, hitting its strongest level against the single currency since late October after an upbeat central bank survey raised expectations of tighter monetary policy,
