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All Eyes On Thursday

In Britain, the latest opinion poll, by Survation for ITV television, showed Prime Minister Theresa May’s lead over the opposition Labour Party holding at just 1 percentage point ahead of the election.

The dollar hit a six-week low against the safe-haven yen on Tuesday as caution mounted ahead of Britain’s election, a European Central Bank meeting, and former FBI Director James Comey’s testimony to a Senate committee – all of which are set for Thursday.

The greenback has been firmly on the defensive since Friday’s weaker-than-expected U.S. non-farm payrolls report prompted investors to pare back expectations of future interest rate increases by the Federal Reserve.

The common currency’s advance was relatively slow as a wait-and-see mood prevailed ahead of Thursday’s European Central Bank policy meeting, which is likely to result in another baby step toward removing the extraordinary monetary stimulus.

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