Economics
Dollar, Loonie Decline as Euro Outperforms Ahead of ECB Decision
- Rand drops to 2017 low as budget deficits forecast to widen
- Loonie drops on cautious BOC; ECB meeting eyed for QE details
Dollar Drops Before Fed Chair Call
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The dollar ended a three-day winning streak amid wide swings in the Canadian dollar, pound and other currencies.
The Bloomberg Dollar Spot Index fell 0.2 percent. The greenback was mixed versus its G-10 peers, gaining against commodity-dependent currencies and losing the most against the pound and euro. The common currency was higher against most major counterparts ahead of Thursday’s European Central Bank meeting, which may see President Mario Draghi offer fresh guidance on plans to taper quantitative easing. The Canadian dollar weakened the most since July after the Bank of Canada was cautious on the prospect of future rate increases.