Euro at 1-week High, Rowback in Fed Rate Hike Bets Knocks Dollar

Euro at 1-week High, Rowback in Fed Rate Hike Bets Knocks Dollar
U.S. Dollar and Euro banknotes are seen in this illustration taken on July 17, 2022. Dado Ruvic/Illustration/Reuters
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LONDON—The euro firmed to a one-week high on Monday, benefiting from the dollar’s retreat after several Federal Reserve officials signaled they did not favor stepping up the rate hiking pace.

The comments late last week knocked the dollar off two-decade highs and boosted global stocks and non-dollar currencies, especially the euro.