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Euro gains traction ahead of inflation data, US dollar steadies
The euro won support on Tuesday as traders braced for European inflation figures to run hot this week and awaited a speech from central bank chief Christine Lagarde, while worries about a recession kept the US dollar firm. The euro rose 0.3% overnight and at one point poked above its 50-day moving average. It last sat at $1.0578. The dollar held modest overnight gains on other currencies and traded at 135.37 yen and $0.6936 per Australian dollar early in the Asia session. German inflation figures are due on Wednesday, French data on Thursday and euro zone numbers on Friday. European Central Bank President Lagarde is ... (full story)