Euro retreats to $1.3998 before Fed decision | business | Hindustan Times
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Euro retreats to $1.3998 before Fed decision

The euro has slipped below $1.40 hours before the Federal Reserve is expected to announce a big bond-buying program to support the US economy.

business Updated: Nov 03, 2010 14:30 IST

The euro has slipped below $1.40 hours before the Federal Reserve is expected to announce a big bond-buying program to support the US economy.

The euro, which made big gains on Tuesday, slid to $1.3998 in Europe Wednesday morning from $1.4036 in New York late Tuesday. The British pound edged down to $1.6019 from $1.6024 and the dollar slipped to 80.65 Japanese yen from 80.68 yen.

The Fed's expected action Wednesday should drive down interest rates and trigger more borrowing and spending, but the prospect has weighed on the dollar for weeks.

Also in the US, election results showed the opposition Republicans capturing the House of Representatives but falling short of wresting control of the Senate from the Democrats.