(Bloomberg) -- The euro may extend its decline from near an all-time high against the dollar on bets the Federal Reserve will maintain its outlook for moderate inflation and growth, reducing the likelihood of rate cuts this year.
The European currency fell against 12 out of 16 of the most active currencies yesterday as investors reduced their risks before two consecutive days of central bank announcements. Traders expect the Fed to hold its key rate steady today, while European Central Bank President Jean-Claude Trichet may signal tomorrow that a June boost in borrowing costs is likely.
Read more at Bloomberg Currencies News
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