London/Milan — The dollar recovered some ground on Thursday after another politically driven slide against the euro and yen, helped by uncertainty over what message Federal Reserve policy makers will send over coming days. The dollar has dropped 14% against the euro this year, driven by a collapse in the expectation for tax cuts and other pro-growth moves by the Trump administration that has weakened the case for further rises in US interest rates. But the US central bank remains the only of the world’s big monetary authorities to have begun raising rates and it is also seeking to rationalise the huge stores of securities it has built while pumping cash into the economy in the past eight years. Any harder signal on that issue from Fed chair Janet Yellen when she speaks on Friday at the meeting of central bankers at Jackson Hole would be liable to help the greenback. The US currency gained around 0.2% in Europe to trade at $1.1788 to the euro. Still, "there are concerns about what ce...
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