The dollar eased from a one-week high on Wednesday ahead of a speech by Federal Reserve Chair Jerome Powell, while optimism over a possible loosening in China's COVID restrictions set it on course for its biggest monthly loss in over 20 years.
"The main focus is set to be on today’s flash CPI from the EU, which could set the scene as to whether we get 50 basis points or 75 bps when the ECB meets in just over two weeks’ time," CMC Markets chief markets strategist Michael Hewson said.
The euro was last up 0.2% at $1.0348, lifting off a one-week low earlier on Wednesday at $1.0319. Against sterling, it rose 0.1% to 86.46 pence. It has lost around 4.3% in November, making this its biggest one-month drop since June 2010, as investors have upped their bets that inflation has peaked and the Fed will soon signal a shift to a softer stance on monetary policy.
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