EUR/USD drops to near 1.0650 ahead of Fed policy

EUR/USD depreciates due to risk-off sentiment ahead of the Fed interest rate decision on Wednesday. The stronger Employment Cost Index bolstered the strength of the US Dollar. The Euro failed to appreciate the robust Eurozone data released on Tuesday. With European markets largely closed for Labour Day, investors are expecting the Federal Reserve's latest policy decision.

These releases are likely to offer additional insights into the current state of the US economy. On the Eurozone front, the Euro failed to sustain its gains despite robust Eurozone data released on Tuesday. The Eurozone Gross Domestic Product expanded by a higher than expected 0.3% in the first quarter.

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