File photo illustration of various Euro banknotes lying next to various Swiss Franc notes at a bank in Warsaw, July 18, 2011. — Reuters pic
The Fed’s announcement last week that it would tolerate periods of higher inflation and focus more on average inflation and higher employment has encouraged traders to sell the dollar. ING analysts said, “no imminent response from the ECB is likely and as the US dollar outlook remains unappealing, the bias remains for higher EUR/USD this week”.The dollar index — which measures the US currency against a basket of rivals — was down 0.3 per cent at 91.917 at 1020 GMT after earlier hitting its lowest since April 2018.
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