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Euro gains, dollar falls as market pulls back from Fed reaction
Profit-taking drove the dollar down on Thursday as markets pulled back one day after a hawkish statement from the U.S. Federal Reserve that pushed the greenback up sharply against other major currencies. The Fed's hint that it was likely to raise interest rates in December remained supportive of the dollar's long-term future. Still, the euro, British pound and Swiss franc all gained against the greenback with markets consolidating as traders awaited further U.S. economic data. "I think it's just kind of a one-day thing," said Mark McCormick, FX strategist at Credit Agricole CIB, of the dollar's Thursday tumble. ... (full story)