The euro fell for a fifth day versus the dollar on Wednesday ahead of the European Central Bank policy meeting tomorrow, which will provide more details on €60 billion a month stimulus plan. The single currency was trading 0.8% lower against the dollar at $1.1086, approaching its 11-year low of $1.1098 last reached on January 26 this year. The euros’ lingering weakness is likely to reflect a growing divergence in growth and monetary policy outlook between Europe and the U.S.
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U.S. stocks retreated on Tuesday, with the Dow Jones Industrial Average and S&P 500 index easing back from their record closing highs on Monday, while the dollar weakened against a basket of major counterparts. European and Asian stocks were mostly weaker as investors were cautious of a potentially overheating market. The benchmark MSCI World stock index slipped 0.2%. The dollar index (DXY), which tracks the greenback against a group of six major currencies, fell 0.25% from its 11-year peak to 95.214.