The European unit regained some of its lost ground against the dollar on Wednesday, with the pair inching up to 1.1443 levels. The euro dropped off from a three-week high hit last week, after the European Central Bank President Christine Lagarde dialled down bets for aggressive interest rate hikes. Meanwhile, a relatively lacklustre dollar paved way for euro gain. The dollar index, which gauges the greenback against six major peers, was also little changed at 95.41, after bouncing off a 2-1/2-week low of 95.136 reached Friday. It touched the highest since July 2020 at 97.441 at the end of last month. The American currency is steadying a day ahead of the release of U.S. consumer price data that may offer new clues on the pace of Federal Reserve monetary tightening.
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