FOREX-Euro steady as Fed easing bets offset euro woes


03/07/2012 23:06 AST  Reuters

The euro was steady against the dollar on Tuesday as prospects of weakness in the U.S. economy leading to further monetary easing offset poor euro zone data and doubts about a European plan to support indebted countries.

Analysts and traders said the euro could make some gains as investors trim bearish positions built in the run-up to last week's European summit, though a likely rate cut by the European Central Bank would limit gains.

Data showing U.S. manufacturing activity contracted for the first time in nearly three years increased the chance of more easing by the Federal Reserve, which is likely to weigh on the dollar and bolster growth-linked currencies.

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