Euro starts recovering ahead of Fed decisions

Euro rose in European trade on Wednesday off two-week lows against dollar on track for the first profit in seven days as the European Central Bank launches its policy meeting.

Dollar backed off two-week highs on profit-taking ahead of the Federal Reserve’s policy decisions later today, expected to announce yet another 0.25% interest rate hike.

EUR/USD rose 0.25% to 1.1075, with a session-low at 1.1038, after losing 0.15% yesterday, the sixth loss in a row, plumbing a two-week trough at 1.1020 following weak German business climate data.