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Forex - Dollar Remains Moderately Lower Ahead of Fed Meeting

Published 12/12/2017, 10:16
Updated 12/12/2017, 10:18
Dollar still lower in cautious trade before Fed decision

Dollar still lower in cautious trade before Fed decision

Investing.com - The dollar remained moderately lower against other major currencies on Tuesday, as investors were focused on the Federal Reserve's upcoming policy meeting, scheduled to begin later in the day.

The Fed is widely expected to raise interest rates at its two-day policy meeting that will end on Wednesday and is currently seen tightening two to three times next year, but concerns over tepid inflation could alter the outlook for 2018.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.13% at 93.82 by 05:15 a.m. ET (09:15 GMT).

The Bank of England and the European Central Bank will also meet this week and are expected to hold rates steady.

The euro fractionally higher, with EUR/USD up 0.08% at 1.1777, while GBP/USD held steady at 1.3331.

Data earlier showed that German economic sentiment fell unexpectedly in December, while another report showed that UK consumer price inflation hit a fresh five-year high last month.

Elsewhere, the yen and Swiss franc were stronger, with USD/JPY down 0.10% at 113.44 and with USD/CHF slipping 0.19% to 0.9896.

The Australian and New Zealand dollars were higher, with AUD/USD up 0.53 at 0.7566 and with NZD/USD climbing 0.55% to 0.6950.

The kiwi was boosted by the appointment of Adrian Orr, a former central bank official, to head the Reserve Bank of New Zealand as of March 2018.

Meanwhile, USD/CAD fell 0.21% to trade at 1.2830.

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