The dollar held steady against the euro Tuesday despite a report that showed the U.S. trade deficit hit a record in October as the market looked ahead to the Federal Reserve’s meeting at which the central bank was expected to raise interest rates by a quarter point.

In afternoon trading in Europe, the euro was trading at $1.3294, up from a low of $1.3278 for the day and about the same level as late Monday. The British pound was quoted at $1.9235, up from $1.9182, and the dollar rose to 105.21 yen from 104.88 yen Monday.

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