SINGAPORE, Aug 24 — The dollar was smarting today following its sharpest one-day fall since May, though traders were wary of chasing the mood-driven move lower ahead of a Federal Reserve symposium that could map out an end to stimulus and asset purchases.
The euro, which rose 0.4 per cent yesterday, eased a tiny bit to US$1.1738 and the dollar index, which dropped about 0.5 per cent yesterday, edged up from a one-week low to 93.038. The Japanese yen and Swiss franc both perched just above their 20-day moving averages, with the yen at 109.76 per dollar and the franc at 0.9131 per dollar.
“There has not been a clear shift in Fed expectations... prefer to focus on more sustainable drivers — macro concerns and monetary policy divergence — both of which are favourable to the dollar,” they said, with the dip presenting a buying opportunity.
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