Dollar In Doldrums As ECB Seen Hiking Rates

The dollar remained on the defensive versus the euro on Monday, as a quiet day on the economic front left traders to ponder an expected rate hike from the European Central Bank.

The interest rate gap between the U.S. and euro zone, already at one percent, is all but certain to widen on Thursday. An ECB hike to 1.25 percent is already priced in, but a bigger increase is likely to drive the euro sharply higher.

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