On Tuesday, the common currency touched its highest level in 10 months, staying firm after comments by European Central Bank President Mario Draghi that the central bank could potentially "adjust" its policy in response to "improving economic conditions." Meanwhile, Draghi cautioned that “a considerable degree of monetary accommodation is still needed for inflation dynamics to become durable and self-sustaining.”
The Greenback was traded under pressure as the Federal Reserve Chairwoman Janet Yellen reiterated that rate increase could be gradual and the Fed will avoid destabilizing markets.
In addition, a delay of the healthcare bill vote by the U.S. Senate Republican leaders put the Greenback under pressure.
Gold prices rose to $1,240, boosted by a weaker U.S. dollar. Technically, the yellow metal could trade widely during the day in anticipation of statements by the heads of central banks.
Also on Tuesday, Oil prices continued their gains for a fourth day in a row and U.S. crude settled at $44.40 before declining to $44. Technically, U.S. crude is awaiting U.S. crude inventories data.
The most important economic events:
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