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As analysts are expecting US confidence data amongst consumers to decline this month, the greenback dropped almost to its lowest in 11 months versus the euro.
The Federal Reserve is due to begin its two-day meeting today and the expectation is that they will change its asset-buying program. Quantitative easing is expected to continue for quite some time yet.
The dollar lost 0.18% against the yen but its losses were limited the Bank of Japan are also implementing further easing measures. Traders have flocked to the yen over the dollar as the markets are fragile this week ahead of this week's US data.
Later today the US will be releasing its reports on house price inflation and consumer confidence.