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Euro Firms, Dollar Stable Ahead of French Election

The euro stood near a three-week peak versus the U.S. dollar as some traders pulled out wagers against the common currency ahead of the first round of the presidential election in France.

The dollar index, which tracks the U.S. currency against a basket of six major rivals, rose 0.06 percent at 99.796, after notching a more than three-week low of 99.374 earlier in the session. The index has dropped in recent weeks on weaker-than-expected economic data and doubts on the ability of Trump's administration to pass tax and fiscal legislation.

The greenback pared early losses to trade flat versus a basket of major currencies as latest data on domestic unemployment claims and business activity in the region did not alter traders' outlook of modest U.S. economic growth and low inflation.

The euro gained 0.09 percent versus the dollar at $1.0719 after reaching a three-week peak of $1.0777 earlier in the session.

The dollar has recently been weighed down by the strong sterling. Early this week, British Prime Minister Theresa May called for an early general election prior to Brexit talks. The report sent the pound higher. Sterling climbed 0.29 percent at $1.2814.
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