The dollar has consolidated the gains it saw yesterday, after core CPI data out of the U.S. provided a final cementation of market expectations for the Fed to deliver a long-awaited 25 bp rate hike later today. EUR-USD, after logging a one-week low of 1.0904 yesterday, has recouped to the 1.0950 area. The market is holding a relatively neutral net exposure into the Fed's announcement, according to BNP Paraiba's forex positioning analysis from late last week.
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