The European unit shed recent gains and dips beyond 1.130 per dollar mark ahead of ECB monetary policy apprehensive regarding the potential timing of the eventual normalization of the banks monetary conditions, the balance sheet and the views on the persistent elevated inflation. There is mounting expectation of ECB to turn hawkish after an annualized inflation number of 5.1% in January, up more than twice the ECBs 2% target. Meanwhile, the dollar index, with the euro as the largest component, is seen waning after data showed a drop in U.S. private sector employment in January due to the increase in COVID-19 infections. The index is seen quoting at 96.19. Meanwhile, EUR/USD pair is quoting at 1.1284.
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