Dollar Drops Before Fed as Gain in Stocks Buoys Demand for Risk
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The dollar declined against most of its major counterparts as a gain in stocks before this week’s meeting of Federal Reserve policy makers encouraged demand for higher-yielding assets.
The ruble remained higher versus the dollar as Bank of Russia chairman Sergey Ignatiev told reporters in Moscow that “nothing will happen to the ruble or the banking system” as a result of the deadly terrorist bombing at a Moscow airport. The euro touched the highest level against the dollar since November before a European Financial Stability Facility bond auction that may garner increased demand.