0853 GMT - The euro could trade in a tight range against the dollar ahead of the Federal Reserve's meeting later where it is an exceptionally close call whether interest rates will be cut by 25 basis points or 50bp, ING says. "If the Fed cuts by 50bp and markets read that as a panic move, dollar weakness may be channelled via the euro, Japanese yen and Swiss franc while risk-sensitive currencies like the Norwegian krone and Swedish krona may take a hit," ING analyst Francesco Pesole says in a note. However, the Fed should cut rates by 25bp, which might send the euro below $1.10 initially but it might gradually recover in coming days, he says. The euro rises 0.2% to 1.1133. (renae.dyer@wsj.com)
(END) Dow Jones Newswires
September 18, 2024 04:53 ET (08:53 GMT)
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