The euro strengthened against the U.S. dollar, which was on track on Tuesday to post its biggest one-day loss against the single currency since mid-March, on expectations that Greece would reach a deal with its creditors.
The dollar hit a three-week low on Tuesday as investors eyed a U.S. Federal Reserve meeting starting later in the day that could offer clues as to whether bets on an interest rate hike in the coming months are justified.
Rebounding from steep losses in the previous session on a more cautious than expected Federal Reserve statement on interest rates, the dollar rose broadly on Thursday as investors remained bullish on the greenback.
It’s been an interesting start to what promises to be a interesting week in the forex market. The biggest story of Monday’s trade thus far has been the continued strength of the dollar despite disappointing data in the world’s largest economy.