The Dollar posted modest gains in N.Y. on Wednesday, adding to the overnight advance. The driver of the USD move higher was comments from ECB chief economist Lane, who added a small dose of “verbal intervention, saying that the rise of the EUR is not a target for the central bank per se, EUR-USD is of course an important factor for the ECB’s assessment of the inflation outlook. This saw EUR-USD moved further from Tuesday’s 1.2011 high, and bottoming in N.Y. at 1.1822. The comments helped the Dollar across the board.
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