Forex

dollar holds above 3-week low ahead FOMC decisions

2019-03-20 13:41:22 GMT (Economies.com)

US dollar rose on Wednesday against a basket of major currencies on the verge of achieving its first gain in the last nine days, holding above a three-week low recorded earlier in the day, which comes ahead of the Fed's monetary policy meeting results.

 

The dollar index rose 0.2% to the level of 96.01 points, with the opening level of trading today at 95.84 points, and the lowest level at 95.81 points.

 

Yesterday, the index lost 0.1%, the eighth consecutive daily loss, among the longest daily losses since December 2017, hitting a three-week low of 95.72 points as the currency sell-off continued against most major and minor currencies.

 

The sell-off of the US currency stopped on Wednesday as dollar improved as the best alternative investment amid renewed concerns about US-China trade talks, especially after media reports of US concerns that China was retreating from US demands and terms during trade talks.

 

Most global financial markets are closely anticipating the Federal Reserve decisions at the end of its monetary policy meeting, which are scheduled today at 18:00 GMT, and interest rates are widely expected to remain unchanged.

 

The Federal Funds Rate, FOMC Statement and the FOMC Economic Projections will be released at 18:00 GMT, followed by the Federal Reserve chairman, Jerome Powell, press conference at 18:30 GMT.

 

Investors are looking for new evidence for the future of raising US interest rates this year, especially as there is strong estimates that the US central bank will adopt a pessimistic tone and lower expectations for future interest rates.

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