Euro Hits Highest In Month; $1.27

The euro extended gains against the dollar on Tuesday, touching $1.27 as U.S. shares gained and analysts expected the Federal Reserve to ease monetary policy in some way when it concludes a two-day meeting on Wednesday.

The euro EURUSD +0.9197% rose as high as $1.2708, then slipped to $1.2691, still up from $1.2572 on Monday.

The shared currency hasn’t closed above $1.27 since May 22, according to FactSet Research. The dollar index DXY -0.68% , which measures the greenback against a basket of six currencies, fell to 81.375, from 82.002 in late North American trading on Monday.