Dollar loses steam, euro on front foot as ECB meeting looms
The U.S. dollar retreated further on Wednesday as the euro extended its overnight bounce on relief Europe might avoid the worst fears concerning energy shortages, and on the chance the European Central Bank may deliver a more aggressive rate hike.
Russian gas flows via the Nord Stream 1 pipeline are seen restarting on time on Thursday after the completion of scheduled maintenance, Reuters reported on Tuesday.
The euro tacked on 0.25% to $1.0245, having risen 0.75% the previous day, its strongest daily gain in a month.
Aiding sentiment was news that the ECB is considering raising interest rates by a larger-than-expected 50 basis points at their meeting on Thursday. read more
"If we do see Russian gas flows resume tomorrow, that will be good news for the euro/dollar and in the ne...