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LONDON, Sept 19 - The euro rose on Tuesday following a report that indicated the European Central Bank may soon start discussing how to drain some of the excess liquidity in the banking system, while the yen wallowed near 10-month lows against the dollar.
The euro rose by as much as 0.4% at one point on Monday to nudge at $1.07 and, by Tuesday, had retained those gains, trading up 0.1% on the day at $1.07. The euro has been gradually losing steam over the last two months, since hitting a 15-month high, as the ECB has neared the end of its current cycle of rate rises. According to the most recent weekly data from the U.S. regulator, speculators have cut their bullish position in the euro to the smallest in 10 months.
It hit a 10-month low of 147.95 per dollar last week and by Tuesday, was not far off that mark, flat on the day at 147.65. The last time the yen was this weak was last autumn, when Japanese authorities intervened to prop it up. "And we think that needs to happen with a set of new forecasts, and that's why we don't think that we will get many surprises on Friday."Money markets expect the Fed to keep rates on hold at its upcoming meeting, according to the CME FedWatch tool, though focus will be on the central bank's forward guidance.
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