- Dollar index climbs for first time in four sessions
- Euro on pace for biggest daily pct decline in two weeks
NEW YORK, July 26 (Reuters) – The dollar rose against a basket of major currencies on Tuesday, reversing course after three straight sessions of declines as recession fears grew and investors awaited a Federal Reserve policy statement, while energy supply concerns weighed on the euro.
European Union countries approved a weakened emergency plan to lessen gas demand on Tuesday, after striking compromise deals to limit the cuts for some countries, as they gird for further Russian reductions in supply. read more
Risk-off sentiment helped boost the dollar, as U.S. equities were pulled lower following a profit warning from retail giant WalMart (WMT.N), which said it would slash prices to reduce inventory. read more
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The Fed is widely expected to raise interest rates by 75…