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Currencies: Dollar trades in narrow band ahead of ‘crucial day’ for currency markets

The dollar remained slightly weaker against most of its major rivals on Wednesday as traders prepared for a key Federal Reserve policy decision, while the pound rebounded from an eight-week low.

The reaction to a flurry of data was largely muted.

Consumer prices were slightly higher last month, with the annualized rate running hotter than expected. February retail sales rose by a scant 0.1%, but January figures were revised higher, suggesting an upward revision to first-quarter GDP. Meanwhile, a gauge of New York-area manufacturing remained close to two-year-high levels in March.

The ICE Dollar Index DXY, -0.11% which measures the greenback against a basket of six other currencies, slipped 0.1% to 101.59.

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