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The dollar held its ground versus the euro Wednesday morning after pulling back in the previous session. With EU leaders gathering tomorrow, presumably to tackle the Greek debt debacle, risk aversion has returned to the markets, giving higher-yielding currencies like the euro a bit more appeal.
A spokesman for the German government said Tuesday that the country is yet to decide on a potential emergency aid package to Greece, dismissing earlier reports that suggested euro-zone nations have already agreed in principle to such an aid package.
The dollar was steady near 1.3750 versus the euro, down slightly from Friday's 8-month high of 1.3595.
At the same time, the buck firmed up versus the euro, improving a penny to 1.5630. With the advance, the greenback moved toward Friday's 8-month high near 1.5530.
The Bank of England lowered U.K.'s economic outlook and forecast inflation to exceed 3% in January. In its latest quarterly Inflation Report, the central bank said the British economic growth is set to reach around 3.2% in the second quarter of next year, smaller than the previous estimate of 4%.
Versus the yen, the dollar hovered just below the 90 mark for a fifth consecutive session.
The dollar dipped to a weekly low of C$1.0625 versus the petro-linked loonie as the price of oil rose back above $74 a barrel.
On the economic front, the Commerce Department will release the trade gap data for December at 8:30 a.m. ET. Economists expect that trade deficit narrowed slightly to $35 billion for the month, from a deficit of $36.4 billion reported for November.
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